I think they might be a good fit for your network. :)

We’ve also seen a lot of clients use seller financing successfully in 1031s, especially when the goal is keeping fees reasonable and not overcomplicating the deal.From a tax perspective, before you make the next deal, you may want to explore your options and think about what type of rental, short-term or long-term, fits best into your overall financial and tax picture.

I would love to answer and questions you may have and see if property management is a fit for you. 

From this simplistic angle, it seems like there is no harm from under-claiming depreciation.

I'll add one angle I haven't seen mentioned - legal documentation to protect yourself during this transition period.Before the rent conversation, specific items in writing:Walk-through documentation with photos/video - timestamp the current condition of her unitLease assignment letter - formal documentation that you've assumed the landlord role from the previous ownersUpdated contact information - emergency contacts, employment verification, next of kin, etc.If the rent increase triggers any dispute, you need contemporaneous documentation of:The condition you received the unit inThat you properly assumed the landlord roleHer current situation and ability to performWhen you present the rent increase, put it in a written notice (even for an MTM lease) that includes:Effective date (verify NY's notice period for 12+ year tenants)New rent amount and payment termsOffer to sign a new written lease with the adjusted termsYour contact info and expectationsThis creates a paper trail that protects both parties and sets professional expectations.

If you want I can share how we do it and see if it fits what you are building.Are you planning to buy your first one in the next 90 days or just getting your network set up first?

I’d be happy to connect you with our sales manager to talk through your goals and see if it’s a good fit.

There are pockets in the Midwest that fit your criteria, especially if you focus on C-class neighborhoods with solid Section 8 demand.

Worst case, if the city isn't a good fit for STR or LTR... dare I say...

As things stabilize, you’ll want to make sure future rentals actually fit with your income streams and overall plan, so the next deal helps you scale and grow instead of adding pressure.This feels less like a step back and more like resetting so you can move forward with clarity and confidence when the timing is right.