Additionally, FEMA updated the local flood maps here in July 2024 and much of the area now requires flood insurance. 

I know that something has to change and I want to explore purchasing real estate.

My goal is to leverage that equity for additional income.

We're exploring creative ways to provide him with the cash needed for the down payment while avoiding triggering a taxable event.One strategy we're considering is purchasing his future primary residence ourselves, making the mortgage payments, and then, once we've built enough equity—comparable to the appraised value of his rental properties—transferring the title to him as a form of exchange.What are your thoughts on this approach?

I’m currently diving into the world of rental property investing and exploring opportunities in my local market.

Account ClosedAdding your property manager as "additional insured" is standard practice and beneficial for you.

Quote from @Srikanth Kumar: Hi Everyone,I’m relatively new to long-distance investing and am exploring the purchase of multifamily properties in Cleveland.

Additionally, I would like to attempt to do the process Owner/Builder with subcontracting work out as well as doing some of the work I'm comfortable with (I have some experience with bathroom & kitchen remodeling an am not new to the construction industry).

Additionally, consider operational costs like cleaning, staffing, and marketing, as they can quickly add up.For management, outsourcing to a professional property manager or leveraging tech platforms for bookings and operations could streamline things, especially if you plan to scale.

Currently, I live in New York, but I am interested in exploring opportunities in Columbus, Ohio.