At your stage, the best moves are learning the basics, analyzing practice deals every day, and surrounding yourself with investors so you build confidence and direction.

I understand the unique accounting needs of real estate businesses and can help you track all your financials effectively.I am familiar with the best practices for classifying flips in QBO, whether they should be treated as short-term or long-term investments.

You’ll want the lease to address shared spaces, responsibilities, cleaning expectations, quiet hours, and other practical rules.Above all, take your time with screening.

I have been reaching out to friends and family and want to hear some advice on some good, practical ways to go about this situation.

Anyone have best practices to share?

It’s a practical way to build experience and a portfolio without the financial pressure of expensive coastal markets.

That seems like practically free money if correct.My thought is to sell the one that is 2.8 since it is not cash flowing with a 1031 exchange, and see if your new mortgage can get approved for the larger property.

They will know people moving to the area who will be your perfect renter, but I think it will be easier to rent to this demographic if it is furnished (profs on sabbatical, home buyers who are shopping, professionals relocating for business who aren’t ready to buy just yet). 

Any legal insights or practical solutions would be greatly appreciated.Thanks in advance for your help! 

Ive recently relocated to Fayetteville NC and doing wholesale deals as well as buying rentals.