The Government mandates at a local, state, and federal level makes it a tricky asset to own. Consequently, you need to monitor the current conditions of the real estate market in your local area and the broader macro trends.
Have a meeting with your CPA to explore additional tax saving strategies. A lot has changed in the tax code with the passage of the Tax Cut and Jobs Act from Opportunity Zones to QBI deduction for rental property
Investors who have assets in high rent urban centers should consider the changing market dynamics. The move to smaller, rural, and suburban communities is a real phenomenon, and investors need to think about their options.
The eviction moratoriums in most cities have not impacted furnished rentals. The furnished rental market consists of higher-income professionals. Often, the employer pays the rent, or the professionals need a place to stay before they buy their own house.
A lot of individuals are now looking to diversify their income streams. Some individuals like my friend Betty have created an entire online business. Others opt for a combination of online and offline business, such as selling on Amazon, Etsy, etc.