However we have also turned over a couple of properties within the fund during this time, under the assumption that as long as any proceeds stay in the fund, are reinvested in qualified property within a 180 day period...and we meet the 90% asset test June and Dec, that cap gains from these 'flips' can also be parlayed with a basis step up at the end of 10 year. 

I'd look at the material participation tests to see if you qualify for any.

For a NJ house hack, set a tight buy box near your train line or bus route, run actual rents from listings and PMs, and stress test with higher taxes, insurance, and utilities.

Not only will the 1% fail this test, but it will also be difficult to find an investor willing to take on the risk for 1% of the project upside.

Make a ton of creative like 10-20 ads per campaign and test a lot.

delays.Timeline benchmarks (typical cosmetic flip)Close to demo start: 48–72 hrsDemo: 3–5 daysRoughs + inspections: 5–10 daysFinishes + punch: 10–14 daysTotal on-site: 4–6 weeks (heavy rehabs longer, keep under 4 months)  3) Revenue: Sell Smart in a Slower MarketUnderwrite conservativelyARV from adjusted comps within 0.5 miles and 90 days when possible; stress-test with –3% to –7% price drift.Use days-on-market (DOM) tiers to model carry (Base / +15 days / +30 days).Renovate to the buyer, not your tasteDesign for the median buyer in your submarket.

I'm not sure if this is a good idea or not so wanting to test the idea out with some people in this group! 

It’s important to run the numbers carefully, stress-test your after repair value, and avoid letting emotions push you past your margins.As we kick off this Monday, I’d love to hear from other investors.

There are 7 tests but easiest way is to work 100 hours and more than anyone else's time. 2. short term rentalsrequirements: average stay of 7 days or less, 100'hours and more than anyone else's time (or one of the 6 other material participation tests), not use it too Much for personal use, and not hire a property manager.

If the deal and borrower pass the sniff test, then the deal gets approved.