Okay guys- this might belong in Legal- but its a weird enough situation that I wanted to cast a wide net.  Wholesaler went into a deal with seller- contract specifies it is assignable.I went into contract with the who...

There was an actual wording long time ago I think in the 2nd district court of appeals where the judge actually called this the "legal fiction of the 1031 exchange". 

I think the appeal is the location and this property somewhat checks off most of everything we're looking for when we plan to move from NYC to the suburbs in a few years (ie., decent commute, good school system).

Curious to hear what people have to say as im attempting to start my portfolio as well and I know its all about getting good deals and not about the market however, im not going to lie...i don't want to make bad decisions before a probable downturn.

If they lie, it's often a disqualifier.

Never got into the details, and won't in the future as it will be all lies.

We did some landscaping to add curb appeal, but that was about it.What was the outcome?

I am reposting this here after no action in the general forum:Wholesaler went into a deal with seller- contract specifies it is assignable.I went into contract with the wholesaler.Wholesaler contacts me and says the d...

Pros and cons of SFRs and MFs (from my perspective) are as follows:SFR Pros: Less turnover, tenants take care of yard/lawn, more easily able to bill back for water/sewer, easier exit path possible by targeting owner-occupants down the roadSFR Cons: Turnover means you have zero cash flow coming from the property, and one problem tenant can cause you to have many months of zero cash flow coming from the propertyMF Pros: More revenue sources (multiple units) so even if you have a turnover you still have some revenue coming in typically, more likely to hear about problems (e.g. tenants love to tell on each other, so if there's someone with a dog who is not supposed to have a dog you will likely hear about it from another tenant)MF Cons: Typically LL takes care of yard/lawn, often a single water meter so no bill-back possible, greater turnover (though in my one duplex, one of the tenants has been there 10+ years and the other 3+ years), less appealing (though not entirely unappealing) to owner-occupants if you are seeking an exit path eventually

If you want to pay $70K, then offer them that; but if you tell them their $100K house is worth $70K you are lying to them.