Some move equity from a Bay Area property into more affordable markets (some mentioned above the Midwest is popular) using a 1031 exchange, deferring capital gains tax while trading into higher cash-flow areas.

Next step: define your buy box, price your rehab by trade with a 10–20% buffer, and underwrite three real listings to see which pencils.

I would hyper focus on one trade to start.

A 50-unit building can trade for $20M+ or $1M depending on the location.

Once set up, it handled the basics well, but like any system, there are trade-offs depending on your priorities.

• Best and worst outcomes you’ve seen?

I found the deal managed the contractors and set it up for Air BNB What was the outcome?

If you use subcontractors that cover multiple trades, like roofers can do gutters also, or HVAC guys sometimes also do plumbing, then they a lot of times agree to reduce costs in order to get awarded the work for both trades. 

At the very least you'll need typically:- demo guys- electrcian- plumber- carpenter- floor guy- roofer- tile guy if you have to- drywall crew- paint crew- landscaper- tree guy- concrete/asphaltIf your contractor marks up everuy trade by 5k thats 60k in markups.A typical flip takes about 500 to 700 man hours.

The trade-off seems to be more tenant turnover and property management headaches.If you’re looking for buy/hold, some people lean toward “middle-market” neighborhoods, less cash flow on paper, but steadier tenants and less wear/tear.