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    "slug": "afrexai-real-estate-engine",
    "name": "Real Estate Engine",
    "source": "tencent",
    "type": "skill",
    "category": "开发工具",
    "sourceUrl": "https://clawhub.ai/1kalin/afrexai-real-estate-engine",
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          "body": "I downloaded a skill package from Yavira. Read SKILL.md from the extracted folder and install it by following the included instructions. Then review README.md for any prerequisites, environment setup, or post-install checks. Tell me what you changed and call out any manual steps you could not complete."
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          "label": "Upgrade existing",
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    "summary": "Hand the extracted package to your coding agent with a concrete install brief instead of figuring it out manually.",
    "steps": [
      "Download the package from Yavira.",
      "Extract it into a folder your agent can access.",
      "Paste one of the prompts below and point your agent at the extracted folder."
    ],
    "prompts": [
      {
        "label": "New install",
        "body": "I downloaded a skill package from Yavira. Read SKILL.md from the extracted folder and install it by following the included instructions. Then review README.md for any prerequisites, environment setup, or post-install checks. Tell me what you changed and call out any manual steps you could not complete."
      },
      {
        "label": "Upgrade existing",
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  "documentation": {
    "source": "clawhub",
    "primaryDoc": "SKILL.md",
    "sections": [
      {
        "title": "Real Estate Investment & Operations Engine",
        "body": "Complete real estate system — from deal sourcing through portfolio management. Covers buying, selling, investing, landlording, and development with actionable frameworks, calculators, and templates."
      },
      {
        "title": "Strategy Selection Matrix",
        "body": "StrategyCapital NeededTime CommitmentRiskCash FlowAppreciationBuy & Hold (rental)MediumMediumLow-Med✅ Strong✅ Long-termBRRRRMedium-HighHighMedium✅ Recycled✅ ForcedFix & FlipHighVery HighHigh❌ Lump sumN/AHouse HackLowLowLow✅ Offset✅ YesWholesaleVery LowHighLow❌ Fee-basedN/AShort-Term Rental (STR)MediumHighMed-High✅✅ Higher✅ YesCommercialVery HighMediumMedium✅ Strong✅ YesLand BankingLow-MedVery LowMed-High❌ None✅✅ SpeculativeREIT/SyndicationAnyVery LowVaries✅ Passive✅ Diversified"
      },
      {
        "title": "Investment Criteria YAML",
        "body": "investment_criteria:\n  strategy: \"buy_and_hold\"  # buy_and_hold | brrrr | flip | house_hack | str | commercial\n  markets:\n    primary: \"\"        # City/metro you know best\n    secondary: []      # Expansion markets\n  property_types: []   # SFR, duplex, triplex, fourplex, MFH, commercial\n  price_range:\n    min: 0\n    max: 0\n  target_metrics:\n    min_cash_on_cash: 8       # % annual\n    min_cap_rate: 6           # %\n    max_price_per_unit: 0     # For multi-family\n    min_monthly_cashflow: 200 # Per unit, after all expenses\n    max_rehab_budget: 0       # For value-add\n  financing:\n    available_cash: 0\n    max_leverage: 80          # % LTV\n    preferred_loan: \"conventional\"  # conventional | FHA | VA | DSCR | hard_money | seller_finance\n  deal_breakers:              # Auto-reject\n    - \"flood_zone\"\n    - \"foundation_issues\"\n    - \"environmental_contamination\"\n    - \"declining_population\"\n  nice_to_haves:\n    - \"below_median_price\"\n    - \"near_employment_centers\"\n    - \"growing_population\"\n    - \"landlord_friendly_state\""
      },
      {
        "title": "Market Analysis Framework",
        "body": "Score each market (0-100):\n\nDimensionWeightMetricsPopulation Growth20%5yr trend, net migration, age demographicsJob Market20%Unemployment rate, employer diversity, wage growthRent-to-Price Ratio15%Gross rent / purchase price (>0.7% = good)Landlord Friendliness15%Eviction timeline, rent control, regulationsSupply/Demand15%Vacancy rates, permits issued, absorptionAffordability10%Median income vs median home priceInfrastructure5%Transportation, schools, development plans\n\nMarket grades:\n\n80-100: Aggressively acquire\n60-79: Selectively acquire (cherry-pick deals)\n40-59: Hold existing, don't acquire\nBelow 40: Consider exit"
      },
      {
        "title": "8 Deal Channels (Ranked by Quality)",
        "body": "Direct Mail — Targeted lists (absentee owners, tax delinquent, estate/probate). Response rate: 1-3%. Cost: $0.50-$2/piece\nDriving for Dollars — Physical scouting for distressed properties. Free but time-intensive. Use DealMachine or similar to track\nWholesaler Network — Pre-negotiated deals at markup. Verify ARV independently. Quality varies wildly\nMLS (Agent) — Listed properties. Most competitive. Look for: days on market >30, price reductions, motivated keywords\nAuction — Foreclosure, tax lien, estate. Due diligence limited. Cash required. Discount: 20-40% typical\nFSBO — For Sale By Owner. Direct negotiation, no agent commission baked in\nNetworking — REI meetups, BiggerPockets, local REIA chapters. Long-game relationship building\nOnline Marketplaces — Zillow, Redfin, Realtor.com, Roofstock, Auction.com"
      },
      {
        "title": "Deal Screening Checklist (5-Minute Filter)",
        "body": "□ Meets price range criteria\n□ Rent-to-price ratio > 0.7% (or flip ARV margin > 30%)\n□ No deal-breaker conditions\n□ Neighborhood grade C+ or better\n□ Verified comparable sales within 6 months\n□ No major structural red flags from photos\n□ Zoning allows intended use\n□ Insurance obtainable (not in exclusion zone)\n\nIf ALL checked → proceed to full analysis. If ANY unchecked → pass or investigate."
      },
      {
        "title": "Rental Property Calculator",
        "body": "MONTHLY INCOME\n  Gross Rent:                    $______\n  + Other Income (laundry, parking, storage):  $______\n  = Gross Monthly Income:        $______\n\nMONTHLY EXPENSES\n  Mortgage (P&I):                $______\n  Property Tax:                  $______ (annual / 12)\n  Insurance:                     $______ (annual / 12)\n  Vacancy Reserve:               $______ (8-10% of gross rent)\n  Maintenance Reserve:           $______ (8-10% of gross rent)\n  CapEx Reserve:                 $______ (5-8% of gross rent)\n  Property Management:           $______ (8-12% of gross rent)\n  HOA/Condo Fees:               $______\n  Utilities (if landlord-paid):  $______\n  = Total Monthly Expenses:      $______\n\nMONTHLY CASH FLOW = Gross Income - Total Expenses\nANNUAL CASH FLOW = Monthly × 12\n\nKEY METRICS\n  Cash-on-Cash Return = Annual Cash Flow / Total Cash Invested × 100\n  Cap Rate = NOI / Purchase Price × 100\n  NOI = Annual Income - Annual Operating Expenses (excluding mortgage)\n  GRM = Purchase Price / Annual Gross Rent\n  DSCR = NOI / Annual Debt Service (lenders want > 1.25)\n  50% Rule (screening): Expenses ≈ 50% of gross rent (excluding mortgage)"
      },
      {
        "title": "Fix & Flip Calculator",
        "body": "ACQUISITION\n  Purchase Price:       $______\n  Closing Costs (buy):  $______ (2-4%)\n  = Total Acquisition:  $______\n\nREHAB\n  Renovation Budget:    $______\n  + Contingency (15%):  $______\n  = Total Rehab:        $______\n\nHOLDING COSTS (Monthly × Hold Time)\n  Loan Payments:        $______ /mo × ____ months\n  Insurance:            $______ /mo × ____ months\n  Taxes:               $______ /mo × ____ months\n  Utilities:           $______ /mo × ____ months\n  = Total Holding:      $______\n\nSELLING COSTS\n  Agent Commission:     $______ (5-6% of ARV)\n  Closing Costs:       $______ (1-2% of ARV)\n  Staging:             $______\n  = Total Selling:     $______\n\nTOTAL INVESTMENT = Acquisition + Rehab + Holding + Selling\n\nPROFIT = ARV - Total Investment\nROI = Profit / Cash Invested × 100\n\nRULES:\n  70% Rule: Max Offer = ARV × 0.70 - Repair Costs\n  Minimum profit target: $25,000 or 15% of ARV"
      },
      {
        "title": "BRRRR Analysis",
        "body": "BUY:     Purchase price + closing costs\nREHAB:   Renovation budget + contingency\nRENT:    Market rent verification (3+ comps)\nREFINANCE:\n  After Repair Value (ARV):     $______\n  Refinance LTV (75%):          $______\n  New Loan Amount:              $______\n  Cash Recovered:               New Loan - Original Loan Payoff\n  Cash Left In Deal:            Total Invested - Cash Recovered\nREPEAT:\n  Cash-on-Cash = Annual Cash Flow / Cash Left In Deal\n  Target: Infinite return (recover 100%+ of cash invested)"
      },
      {
        "title": "Stress Test (MANDATORY Before Buying)",
        "body": "Run every deal through these scenarios:\n\nScenarioTestPass ThresholdVacancy SpikeWhat if vacancy hits 20%?Still cash-flow positiveRate IncreaseWhat if rates rise 2%? (ARM/refi)Still cash-flow positiveRent DeclineWhat if rents drop 10%?Still covers mortgage + reservesMajor Repair$10K-$20K unexpected expenseCan cover without sellingMarket CrashWhat if value drops 20%?Not underwater on loanEviction3 months no rent + legal costsReserves cover it\n\nIf ANY scenario = financial distress → don't buy or renegotiate terms."
      },
      {
        "title": "Property Inspection Checklist",
        "body": "STRUCTURE (Deal-Breakers First)\n□ Foundation — cracks, settling, water intrusion\n□ Roof — age, condition, remaining life (replace: $8K-$15K+)\n□ Electrical — panel age, amperage (100A minimum), knob-and-tube?\n□ Plumbing — material (copper/PEX good, polybutylene/galvanized bad), water pressure\n□ HVAC — age, type, efficiency (replace: $5K-$12K)\n□ Water heater — age, capacity, type\n□ Windows — single/double pane, condition, drafts\n\nINTERIOR\n□ Flooring — type, condition, repair vs replace\n□ Walls/ceilings — water stains (= active leak?), cracks\n□ Kitchen — cabinets, counters, appliances, layout\n□ Bathrooms — fixtures, tile, ventilation, water damage\n□ Doors — operation, locks, weather sealing\n\nEXTERIOR\n□ Siding — material, condition, paint\n□ Drainage — grading away from foundation, gutters\n□ Driveway/walkways — condition\n□ Landscaping — trees near foundation, overgrowth\n□ Fencing — condition, property line verification\n\nENVIRONMENTAL\n□ Lead paint (pre-1978 homes)\n□ Asbestos (insulation, tiles, siding)\n□ Radon testing\n□ Mold inspection\n□ Termite/pest inspection\n□ Flood zone check (FEMA maps)\n\nTITLE & LEGAL\n□ Title search — liens, encumbrances, easements\n□ Survey — boundaries match deed\n□ Zoning verification — conforming use\n□ HOA review — rules, reserves, assessments, litigation\n□ Permit history — all work permitted and closed\n□ Property tax verification — pending reassessment?"
      },
      {
        "title": "Comparable Sales Analysis (CMA)",
        "body": "subject_property:\n  address: \"\"\n  beds: 0\n  baths: 0\n  sqft: 0\n  lot_size: 0\n  year_built: 0\n  condition: \"\"  # poor | fair | average | good | excellent\n  features: []   # garage, pool, basement, updated kitchen\n\ncomparables:  # Need 3-5, sold within 6 months, within 1 mile\n  - address: \"\"\n    sold_price: 0\n    sold_date: \"\"\n    beds: 0\n    baths: 0\n    sqft: 0\n    adjustments:\n      sqft_diff: 0       # +/- $50-$150 per sqft\n      bed_diff: 0        # +/- $5K-$15K per bedroom\n      bath_diff: 0       # +/- $5K-$10K per bathroom\n      condition_diff: 0  # +/- $5K-$30K\n      garage_diff: 0     # +/- $5K-$15K\n      age_diff: 0        # +/- $1K-$5K per decade\n    adjusted_price: 0\n\nestimated_value:\n  low: 0    # Lowest adjusted comp\n  mid: 0    # Average of adjusted comps\n  high: 0   # Highest adjusted comp\n  confidence: \"\"  # high (tight range) | medium | low (wide spread)"
      },
      {
        "title": "Loan Type Decision Matrix",
        "body": "Loan TypeDown PaymentRateBest ForWatch OutConventional20-25%LowestStrong credit, primary or investmentDTI limitsFHA3.5%LowFirst-time buyers, house hackOwner-occupy required, MIPVA0%Very LowVeterans, house hackEligibility, funding feeDSCR20-25%HigherInvestors, no income verificationHigher rates, prepay penaltyHard Money10-30%Highest (10-15%)Flips, bridge loansShort term (6-18mo), pointsSeller FinanceNegotiableNegotiableCreative deals, no bank qualifyingBalloon risk, due-on-saleHELOCN/AVariableRehab funding, down paymentVariable rate, cross-collateralCommercial25-35%Medium-High5+ units, mixed-useShorter amort, balloon"
      },
      {
        "title": "Creative Financing Strategies",
        "body": "Subject-To — Take over existing mortgage payments without formally assuming. Risk: due-on-sale clause\nSeller Carryback — Seller acts as lender for portion. Combine with bank loan for lower down\nLease Option — Control property with option to buy. Lock price now, close later\nSelf-Directed IRA/401K — Use retirement funds for real estate. Complex rules, need custodian\nPartnership/JV — One brings capital, other brings time/expertise. Define roles in operating agreement\nPrivate Money — Borrow from individuals at agreed terms. More flexible than hard money"
      },
      {
        "title": "Refinance Decision Framework",
        "body": "Refinance when ALL true:\n\nNew rate saves >0.5% AND payback period < 3 years\nOR cash-out refinance recovers capital for next deal\nSufficient equity (>25% after refi)\nPlan to hold property >3 more years\nNo prepayment penalty or penalty < savings"
      },
      {
        "title": "Tenant Screening System",
        "body": "screening_criteria:\n  income:\n    minimum_ratio: 3.0  # Monthly income / monthly rent\n    verification: [\"pay_stubs_2mo\", \"tax_returns\", \"bank_statements\", \"employment_letter\"]\n  credit:\n    minimum_score: 620  # Adjust for market\n    red_flags:\n      - \"active_collections_over_500\"\n      - \"prior_eviction\"\n      - \"bankruptcy_under_2yrs\"\n      - \"multiple_late_payments\"\n  background:\n    check: [\"criminal\", \"eviction_history\", \"sex_offender\"]\n    disqualify:\n      - \"violent_felony\"\n      - \"drug_manufacturing\"\n      - \"prior_eviction_last_5yrs\"\n    # NOTE: Follow Fair Housing laws — no blanket bans\n  rental_history:\n    minimum_years: 2\n    verify: [\"landlord_references_x2\", \"payment_history\"]\n    red_flags:\n      - \"no_references_available\"\n      - \"lease_violations\"\n      - \"unauthorized_occupants\"\n  \n  scoring:  # Weight and score for borderline cases\n    income: 30\n    credit: 25\n    rental_history: 25\n    employment_stability: 10\n    completeness: 10\n    # Accept: >70/100 | Review: 50-70 | Decline: <50"
      },
      {
        "title": "Lease Essentials Checklist",
        "body": "MUST INCLUDE (All Jurisdictions)\n□ Parties (full legal names of all adults)\n□ Property address and description\n□ Lease term (start/end dates)\n□ Rent amount, due date, payment methods\n□ Security deposit amount and return conditions\n□ Late fee policy (amount, grace period)\n□ Maintenance responsibilities (landlord vs tenant)\n□ Entry/access notice requirements\n□ Termination/renewal procedures\n□ Pet policy (if applicable — breed, size, deposit)\n□ Occupancy limits\n□ Utilities responsibility\n□ Insurance requirements (renter's insurance)\n\nJURISDICTION-SPECIFIC (Verify Locally)\n□ Rent increase notice requirements\n□ Security deposit limits and interest\n□ Lead paint disclosure (pre-1978)\n□ Mold disclosure\n□ Bed bug policy\n□ Smoke/CO detector compliance\n□ Habitability standards\n□ Domestic violence provisions"
      },
      {
        "title": "Rent Setting Framework",
        "body": "MARKET RENT DETERMINATION\n1. Search 5+ comparable rentals within 1 mile (same beds/baths/sqft range)\n2. Adjust for: condition, amenities, parking, laundry, updates\n3. Check trend: rising, flat, or declining market\n4. Set at or slightly below market for fast occupancy (2-4 weeks target)\n\nRENT INCREASE DECISION\n  Current market rent: $______\n  Current tenant rent:  $______\n  Gap: $______\n  Tenant tenure: ____ years\n  Payment history: excellent / good / fair / poor\n\n  IF gap < 3%: Skip increase (retention > marginal revenue)\n  IF gap 3-10%: Increase to close 50% of gap\n  IF gap > 10%: Increase to close 75% of gap\n  IF tenant is problematic: Increase to full market (or non-renew)\n\n  TURNOVER COST CHECK:\n  Vacancy (1 month): $______\n  Make-ready repairs: $______\n  Listing/screening: $______\n  Total turnover cost: $______\n  Months to recoup with increase: Total / Monthly Increase\n  IF > 12 months to recoup: Consider smaller increase"
      },
      {
        "title": "Maintenance Priority System",
        "body": "PriorityResponse TimeExamplesP0 — EmergencyImmediate (1-4 hrs)Water leak, no heat (winter), gas leak, fire damage, lockoutP1 — Urgent24 hoursBroken AC (summer), no hot water, toilet not working (only one), appliance failureP2 — Standard3-7 daysMinor plumbing, non-critical appliance, pest issueP3 — Low2-4 weeksCosmetic issues, landscaping, minor repairsP4 — ScheduledNext turnoverPaint, carpet, upgrades"
      },
      {
        "title": "Real Estate Tax Benefits",
        "body": "Depreciation — Deduct property value (not land) over 27.5 years (residential) or 39 years (commercial)\n\nCost segregation study: accelerate depreciation on components (5, 7, 15 year)\nBonus depreciation: 40% in 2026 (declining annually)\n\n\nMortgage Interest — Fully deductible on investment properties\nOperating Expenses — Property management, insurance, repairs, travel, education\n1031 Exchange — Defer capital gains by reinvesting in like-kind property\n\n45-day identification period, 180-day closing deadline\nMust be equal or greater value and debt\n\n\nReal Estate Professional Status — If qualified (750+ hrs, material participation), deduct losses against active income\nOpportunity Zones — Tax benefits for investing in designated areas\nPass-Through Deduction (199A) — Up to 20% QBI deduction"
      },
      {
        "title": "Annual Tax Checklist",
        "body": "□ Track all income by property\n□ Track all expenses by property (receipts!)\n□ Calculate depreciation (include improvements)\n□ Document mileage for property visits\n□ Review 1031 exchange eligibility for any sales\n□ Evaluate cost segregation for new purchases\n□ Review RE Professional status hours log\n□ Consult CPA before Dec 31 for year-end planning"
      },
      {
        "title": "Portfolio Health Dashboard",
        "body": "portfolio_snapshot:\n  date: \"\"\n  total_units: 0\n  total_value: 0        # Current market value\n  total_debt: 0         # Outstanding mortgages\n  total_equity: 0       # Value - Debt\n  ltv_ratio: 0          # Debt / Value (target: <70%)\n  monthly_gross_income: 0\n  monthly_expenses: 0\n  monthly_net_cashflow: 0\n  annual_cash_on_cash: 0 # %\n  portfolio_cap_rate: 0  # %\n  average_vacancy: 0     # % (target: <8%)\n  \nproperties:\n  - address: \"\"\n    type: \"\"             # SFR, duplex, etc.\n    units: 1\n    purchase_price: 0\n    purchase_date: \"\"\n    current_value: 0\n    mortgage_balance: 0\n    equity: 0\n    monthly_rent: 0\n    monthly_expenses: 0\n    monthly_cashflow: 0\n    cash_on_cash: 0\n    cap_rate: 0\n    occupancy: 0         # %\n    condition: \"\"        # A, B, C, D\n    next_action: \"\"      # hold, refinance, sell, improve"
      },
      {
        "title": "Hold vs Sell Decision Framework",
        "body": "Sell when 2+ are true:\n\nCash-on-cash return < 5% AND no appreciation play\nProperty requires >$20K deferred maintenance\nMarket at cyclical peak (price-to-rent ratio stretched)\nBetter use of equity elsewhere (opportunity cost)\nManagement headaches disproportionate to returns\nNeighborhood in sustained decline\n1031 exchange into superior asset available\n\nHold when:\n\nCash flow positive with growing rents\nBelow-market mortgage locked in\nSignificant depreciation remaining\nAppreciation trend intact\nLow management burden\nStrong tenant in place"
      },
      {
        "title": "Scaling Strategy",
        "body": "Portfolio SizeFocusKey Challenge1-4 unitsLearn fundamentals, systemsAnalysis paralysis5-10 unitsHire PM, systematizeCash flow vs growth11-25 unitsTeam building, commercial loansFinancing complexity26-50 unitsAsset management, syndicationOperational complexity50+ unitsInstitutional standards, raise capitalCompliance, investor relations"
      },
      {
        "title": "STR Feasibility Analysis",
        "body": "REVENUE ESTIMATION\n  Average Daily Rate (ADR): $______ (AirDNA, PriceLabs, comp search)\n  Occupancy Rate: ______% (conservative: 65%, good: 75%, great: 85%)\n  Monthly Revenue = ADR × 30 × Occupancy Rate\n\nADDITIONAL STR COSTS (vs long-term rental)\n  Furnishing (one-time): $5K-$25K depending on size\n  Cleaning (per turnover): $75-$200\n  Supplies/amenities (monthly): $100-$300\n  Channel management software: $50-$200/mo\n  Dynamic pricing tool: $20-$100/mo\n  Professional photos: $200-$500 (one-time)\n  Higher insurance: +$500-$2K/year\n  Higher utilities: +$200-$500/mo (you pay all)\n  Licensing/permits: $0-$5K/year\n  Occupancy/tourism tax: varies (8-15% of revenue)\n\nNET = Revenue - All LTR Expenses - Additional STR Costs\nCompare: STR Net vs LTR Net. Need >30% premium to justify extra work."
      },
      {
        "title": "STR Listing Optimization",
        "body": "TITLE FORMULA: [Unique Feature] + [Location/View] + [Key Amenity]\n  Example: \"Lakefront Cabin w/ Hot Tub | 5 Min to Slopes | Sleeps 8\"\n\nPHOTOS (20+ required):\n  1. Hero shot (best exterior or view)\n  2. Living room (wide angle, lights on)\n  3. Kitchen (clean, staged)\n  4. Master bedroom\n  5. Master bathroom\n  6. Each additional bedroom\n  7. Outdoor space / patio\n  8. Amenities (hot tub, pool, game room)\n  9. Neighborhood / attraction proximity\n  10. Welcome touches (basket, guidebook)\n\nDESCRIPTION STRUCTURE:\n  Para 1: The experience (emotional, what makes it special)\n  Para 2: The space (factual, beds/baths/capacity)\n  Para 3: The location (distance to attractions, restaurants)\n  Para 4: The amenities (bullet list)\n  Para 5: Guest expectations (house rules, check-in)\n\nPRICING STRATEGY:\n  - Use dynamic pricing (PriceLabs, Beyond, Wheelhouse)\n  - New listing: 20% below market for first 5 bookings (reviews)\n  - Weekend premium: +20-40%\n  - Event/seasonal premium: +50-200%\n  - Last-minute discount: -15% within 3 days\n  - Length-of-stay discount: 10% weekly, 20% monthly"
      },
      {
        "title": "Value-Add Playbook",
        "body": "StrategyCostRent IncreaseROIKitchen update (counters, paint, hardware)$3K-$8K$75-$200/mo12-30 monthsBathroom refresh (vanity, fixtures, paint)$1.5K-$4K$50-$100/mo15-40 monthsFlooring (LVP throughout)$2K-$6K$50-$150/mo20-40 monthsWasher/dryer (in-unit)$1K-$2K$50-$100/mo10-20 monthsSmart home (thermostat, locks, lights)$500-$1.5K$25-$50/mo10-30 monthsAdd bedroom (convert den/office)$2K-$10K$100-$300/mo7-33 monthsADU / garage conversion$30K-$100K$800-$2000/mo15-50 monthsUtility bill-back (RUBS)$500$50-$150/mo3-10 monthsLaundry (coin-op)$3K-$8K$50-$100/unit/mo3-13 months"
      },
      {
        "title": "1031 Exchange Checklist",
        "body": "BEFORE SELLING\n□ Identify qualified intermediary (QI) BEFORE closing\n□ Document investment intent (not personal use)\n□ Calculate basis and estimated gain\n□ Identify potential replacement properties\n\nTIMELINE (Strict — No Extensions)\n  Day 0: Close sale of relinquished property\n  Day 45: Identify up to 3 replacement properties (or 200% rule)\n  Day 180: Close on replacement property\n  \nRULES\n□ Like-kind (any real property → any real property)\n□ Equal or greater value\n□ Equal or greater debt\n□ All equity reinvested (boot = taxable)\n□ Same taxpayer on both transactions\n□ Not personal residence (unless converted)\n□ QI holds funds (never touch the money)"
      },
      {
        "title": "Syndication Basics (Raising Capital)",
        "body": "STRUCTURE\n  - GP (General Partner): You — finds deals, manages, earns fees + promote\n  - LP (Limited Partners): Investors — passive, earn preferred return + split\n  \nTYPICAL TERMS\n  Preferred Return: 6-8% (LP gets paid first)\n  Profit Split: 70/30 or 80/20 (LP/GP after preferred)\n  Acquisition Fee: 1-3% of purchase price (to GP)\n  Asset Management Fee: 1-2% of revenue (to GP)\n  Hold Period: 3-7 years\n  \nREQUIREMENTS\n  - Securities attorney (506(b) or 506(c) exemption)\n  - CPA experienced in syndication\n  - Track record (start with JV, then syndicate)\n  - PPM, operating agreement, subscription agreement\n  - Investor relations system"
      },
      {
        "title": "Real Estate Cycle Phases",
        "body": "EXPANSION → HYPER-SUPPLY → RECESSION → RECOVERY → EXPANSION...\n\nEXPANSION (BUY)\n  Signals: Rising rents, falling vacancy, new construction starting\n  Strategy: Acquire aggressively, lock long-term financing\n\nHYPER-SUPPLY (CAUTION)  \n  Signals: Overbuilding, rising vacancy, rent growth slowing\n  Strategy: Stop acquiring, focus on operations, build reserves\n\nRECESSION (PREPARE)\n  Signals: Rising vacancy, falling rents, distress sales emerging\n  Strategy: Hold cash, hunt distressed deals, negotiate hard\n\nRECOVERY (AGGRESSIVE BUY)\n  Signals: Vacancy stabilizing, construction stopped, prices bottoming\n  Strategy: Maximum acquisition mode — best deals of the cycle"
      },
      {
        "title": "Interest Rate Impact Rules",
        "body": "Rate ↑ 1% = ~10% reduction in purchasing power\nRate ↑ → prices soften (buying opportunity if cash flow still works)\nRate ↓ → prices rise (refinance existing, sell flips)\nAlways underwrite at current rates + 1% buffer\nARMs: only if plan to sell/refi within fixed period"
      },
      {
        "title": "Quality Scoring (0-100)",
        "body": "DimensionWeightScoreFinancial Analysis Rigor20%Numbers verified, stress-tested, conservative assumptionsDue Diligence Completeness15%All inspection items checked, title clearMarket Research Depth15%Multiple data sources, trends analyzedRisk Assessment15%Downside scenarios modeled, mitigations plannedLegal/Tax Compliance10%Jurisdiction-specific, professional consultation notedOperational Planning10%PM, maintenance, tenant systems in placeExit Strategy Clarity10%Hold period, triggers, 1031 optionalityDocumentation Quality5%Organized, retrievable, complete records"
      },
      {
        "title": "First-Time Buyer",
        "body": "Start with house hack (FHA 3.5% down, live in one unit)\nBuild reserves before buying investment property\nGet pre-approved, then find deals (not reverse)"
      },
      {
        "title": "Remote Investing",
        "body": "Visit market first (fly once, walk neighborhoods)\nBuild team BEFORE buying: agent, PM, contractor, inspector\nNever rely solely on photos — video walkthroughs minimum"
      },
      {
        "title": "Inherited Property",
        "body": "Get appraisal immediately (stepped-up basis = date of death value)\nEvaluate: sell, rent, or 1031 exchange\nClear title issues ASAP (probate timeline varies)"
      },
      {
        "title": "Rising Rate Environment",
        "body": "Focus on cash flow over appreciation\nSeller financing and assumable mortgages = gold\nNegotiate price reductions (fewer buyers = leverage)\nAvoid ARMs unless very short hold period"
      },
      {
        "title": "Tenant Disputes",
        "body": "Document everything in writing\nFollow local eviction procedures EXACTLY\nOffer cash-for-keys before formal eviction (often cheaper)\nNever self-help evict (illegal everywhere)"
      },
      {
        "title": "Natural Disaster / Insurance",
        "body": "Get proper coverage BEFORE closing (flood, earthquake, wind separate)\nDocument property condition with photos/video\nKeep separate reserve for insurance deductibles\nReview policy annually — don't be underinsured"
      },
      {
        "title": "Commands",
        "body": "\"Analyze this deal\"     → Full rental/flip/BRRRR calculator\n\"Screen this property\"  → 5-minute screening checklist\n\"Compare these comps\"   → CMA analysis with adjustments\n\"Set rent for [addr]\"   → Market rent analysis with comp research\n\"Screen this tenant\"    → Scoring template with criteria\n\"Review my portfolio\"   → Portfolio health dashboard\n\"Should I sell [addr]\"  → Hold vs sell framework\n\"STR feasibility\"       → Short-term rental analysis\n\"1031 exchange plan\"    → Timeline and checklist\n\"Market analysis [city]\" → Full market scoring\n\"Value-add options\"     → Renovation ROI analysis\n\"Tax strategy review\"   → Annual tax optimization checklist"
      },
      {
        "title": "⚠️ Disclaimer",
        "body": "This skill provides educational frameworks and analysis templates. It is not legal, tax, or investment advice. Always consult qualified professionals (attorney, CPA, licensed agent) for jurisdiction-specific guidance. Laws vary dramatically by location. Never make investment decisions based solely on AI analysis."
      }
    ],
    "body": "Real Estate Investment & Operations Engine\n\nComplete real estate system — from deal sourcing through portfolio management. Covers buying, selling, investing, landlording, and development with actionable frameworks, calculators, and templates.\n\nPhase 1: Investment Strategy & Criteria\nStrategy Selection Matrix\nStrategy\tCapital Needed\tTime Commitment\tRisk\tCash Flow\tAppreciation\nBuy & Hold (rental)\tMedium\tMedium\tLow-Med\t✅ Strong\t✅ Long-term\nBRRRR\tMedium-High\tHigh\tMedium\t✅ Recycled\t✅ Forced\nFix & Flip\tHigh\tVery High\tHigh\t❌ Lump sum\tN/A\nHouse Hack\tLow\tLow\tLow\t✅ Offset\t✅ Yes\nWholesale\tVery Low\tHigh\tLow\t❌ Fee-based\tN/A\nShort-Term Rental (STR)\tMedium\tHigh\tMed-High\t✅✅ Higher\t✅ Yes\nCommercial\tVery High\tMedium\tMedium\t✅ Strong\t✅ Yes\nLand Banking\tLow-Med\tVery Low\tMed-High\t❌ None\t✅✅ Speculative\nREIT/Syndication\tAny\tVery Low\tVaries\t✅ Passive\t✅ Diversified\nInvestment Criteria YAML\ninvestment_criteria:\n  strategy: \"buy_and_hold\"  # buy_and_hold | brrrr | flip | house_hack | str | commercial\n  markets:\n    primary: \"\"        # City/metro you know best\n    secondary: []      # Expansion markets\n  property_types: []   # SFR, duplex, triplex, fourplex, MFH, commercial\n  price_range:\n    min: 0\n    max: 0\n  target_metrics:\n    min_cash_on_cash: 8       # % annual\n    min_cap_rate: 6           # %\n    max_price_per_unit: 0     # For multi-family\n    min_monthly_cashflow: 200 # Per unit, after all expenses\n    max_rehab_budget: 0       # For value-add\n  financing:\n    available_cash: 0\n    max_leverage: 80          # % LTV\n    preferred_loan: \"conventional\"  # conventional | FHA | VA | DSCR | hard_money | seller_finance\n  deal_breakers:              # Auto-reject\n    - \"flood_zone\"\n    - \"foundation_issues\"\n    - \"environmental_contamination\"\n    - \"declining_population\"\n  nice_to_haves:\n    - \"below_median_price\"\n    - \"near_employment_centers\"\n    - \"growing_population\"\n    - \"landlord_friendly_state\"\n\nMarket Analysis Framework\n\nScore each market (0-100):\n\nDimension\tWeight\tMetrics\nPopulation Growth\t20%\t5yr trend, net migration, age demographics\nJob Market\t20%\tUnemployment rate, employer diversity, wage growth\nRent-to-Price Ratio\t15%\tGross rent / purchase price (>0.7% = good)\nLandlord Friendliness\t15%\tEviction timeline, rent control, regulations\nSupply/Demand\t15%\tVacancy rates, permits issued, absorption\nAffordability\t10%\tMedian income vs median home price\nInfrastructure\t5%\tTransportation, schools, development plans\n\nMarket grades:\n\n80-100: Aggressively acquire\n60-79: Selectively acquire (cherry-pick deals)\n40-59: Hold existing, don't acquire\nBelow 40: Consider exit\nPhase 2: Deal Sourcing\n8 Deal Channels (Ranked by Quality)\nDirect Mail — Targeted lists (absentee owners, tax delinquent, estate/probate). Response rate: 1-3%. Cost: $0.50-$2/piece\nDriving for Dollars — Physical scouting for distressed properties. Free but time-intensive. Use DealMachine or similar to track\nWholesaler Network — Pre-negotiated deals at markup. Verify ARV independently. Quality varies wildly\nMLS (Agent) — Listed properties. Most competitive. Look for: days on market >30, price reductions, motivated keywords\nAuction — Foreclosure, tax lien, estate. Due diligence limited. Cash required. Discount: 20-40% typical\nFSBO — For Sale By Owner. Direct negotiation, no agent commission baked in\nNetworking — REI meetups, BiggerPockets, local REIA chapters. Long-game relationship building\nOnline Marketplaces — Zillow, Redfin, Realtor.com, Roofstock, Auction.com\nDeal Screening Checklist (5-Minute Filter)\n□ Meets price range criteria\n□ Rent-to-price ratio > 0.7% (or flip ARV margin > 30%)\n□ No deal-breaker conditions\n□ Neighborhood grade C+ or better\n□ Verified comparable sales within 6 months\n□ No major structural red flags from photos\n□ Zoning allows intended use\n□ Insurance obtainable (not in exclusion zone)\n\n\nIf ALL checked → proceed to full analysis. If ANY unchecked → pass or investigate.\n\nPhase 3: Deal Analysis\nRental Property Calculator\nMONTHLY INCOME\n  Gross Rent:                    $______\n  + Other Income (laundry, parking, storage):  $______\n  = Gross Monthly Income:        $______\n\nMONTHLY EXPENSES\n  Mortgage (P&I):                $______\n  Property Tax:                  $______ (annual / 12)\n  Insurance:                     $______ (annual / 12)\n  Vacancy Reserve:               $______ (8-10% of gross rent)\n  Maintenance Reserve:           $______ (8-10% of gross rent)\n  CapEx Reserve:                 $______ (5-8% of gross rent)\n  Property Management:           $______ (8-12% of gross rent)\n  HOA/Condo Fees:               $______\n  Utilities (if landlord-paid):  $______\n  = Total Monthly Expenses:      $______\n\nMONTHLY CASH FLOW = Gross Income - Total Expenses\nANNUAL CASH FLOW = Monthly × 12\n\nKEY METRICS\n  Cash-on-Cash Return = Annual Cash Flow / Total Cash Invested × 100\n  Cap Rate = NOI / Purchase Price × 100\n  NOI = Annual Income - Annual Operating Expenses (excluding mortgage)\n  GRM = Purchase Price / Annual Gross Rent\n  DSCR = NOI / Annual Debt Service (lenders want > 1.25)\n  50% Rule (screening): Expenses ≈ 50% of gross rent (excluding mortgage)\n\nFix & Flip Calculator\nACQUISITION\n  Purchase Price:       $______\n  Closing Costs (buy):  $______ (2-4%)\n  = Total Acquisition:  $______\n\nREHAB\n  Renovation Budget:    $______\n  + Contingency (15%):  $______\n  = Total Rehab:        $______\n\nHOLDING COSTS (Monthly × Hold Time)\n  Loan Payments:        $______ /mo × ____ months\n  Insurance:            $______ /mo × ____ months\n  Taxes:               $______ /mo × ____ months\n  Utilities:           $______ /mo × ____ months\n  = Total Holding:      $______\n\nSELLING COSTS\n  Agent Commission:     $______ (5-6% of ARV)\n  Closing Costs:       $______ (1-2% of ARV)\n  Staging:             $______\n  = Total Selling:     $______\n\nTOTAL INVESTMENT = Acquisition + Rehab + Holding + Selling\n\nPROFIT = ARV - Total Investment\nROI = Profit / Cash Invested × 100\n\nRULES:\n  70% Rule: Max Offer = ARV × 0.70 - Repair Costs\n  Minimum profit target: $25,000 or 15% of ARV\n\nBRRRR Analysis\nBUY:     Purchase price + closing costs\nREHAB:   Renovation budget + contingency\nRENT:    Market rent verification (3+ comps)\nREFINANCE:\n  After Repair Value (ARV):     $______\n  Refinance LTV (75%):          $______\n  New Loan Amount:              $______\n  Cash Recovered:               New Loan - Original Loan Payoff\n  Cash Left In Deal:            Total Invested - Cash Recovered\nREPEAT:\n  Cash-on-Cash = Annual Cash Flow / Cash Left In Deal\n  Target: Infinite return (recover 100%+ of cash invested)\n\nStress Test (MANDATORY Before Buying)\n\nRun every deal through these scenarios:\n\nScenario\tTest\tPass Threshold\nVacancy Spike\tWhat if vacancy hits 20%?\tStill cash-flow positive\nRate Increase\tWhat if rates rise 2%? (ARM/refi)\tStill cash-flow positive\nRent Decline\tWhat if rents drop 10%?\tStill covers mortgage + reserves\nMajor Repair\t$10K-$20K unexpected expense\tCan cover without selling\nMarket Crash\tWhat if value drops 20%?\tNot underwater on loan\nEviction\t3 months no rent + legal costs\tReserves cover it\n\nIf ANY scenario = financial distress → don't buy or renegotiate terms.\n\nPhase 4: Due Diligence\nProperty Inspection Checklist\nSTRUCTURE (Deal-Breakers First)\n□ Foundation — cracks, settling, water intrusion\n□ Roof — age, condition, remaining life (replace: $8K-$15K+)\n□ Electrical — panel age, amperage (100A minimum), knob-and-tube?\n□ Plumbing — material (copper/PEX good, polybutylene/galvanized bad), water pressure\n□ HVAC — age, type, efficiency (replace: $5K-$12K)\n□ Water heater — age, capacity, type\n□ Windows — single/double pane, condition, drafts\n\nINTERIOR\n□ Flooring — type, condition, repair vs replace\n□ Walls/ceilings — water stains (= active leak?), cracks\n□ Kitchen — cabinets, counters, appliances, layout\n□ Bathrooms — fixtures, tile, ventilation, water damage\n□ Doors — operation, locks, weather sealing\n\nEXTERIOR\n□ Siding — material, condition, paint\n□ Drainage — grading away from foundation, gutters\n□ Driveway/walkways — condition\n□ Landscaping — trees near foundation, overgrowth\n□ Fencing — condition, property line verification\n\nENVIRONMENTAL\n□ Lead paint (pre-1978 homes)\n□ Asbestos (insulation, tiles, siding)\n□ Radon testing\n□ Mold inspection\n□ Termite/pest inspection\n□ Flood zone check (FEMA maps)\n\nTITLE & LEGAL\n□ Title search — liens, encumbrances, easements\n□ Survey — boundaries match deed\n□ Zoning verification — conforming use\n□ HOA review — rules, reserves, assessments, litigation\n□ Permit history — all work permitted and closed\n□ Property tax verification — pending reassessment?\n\nComparable Sales Analysis (CMA)\nsubject_property:\n  address: \"\"\n  beds: 0\n  baths: 0\n  sqft: 0\n  lot_size: 0\n  year_built: 0\n  condition: \"\"  # poor | fair | average | good | excellent\n  features: []   # garage, pool, basement, updated kitchen\n\ncomparables:  # Need 3-5, sold within 6 months, within 1 mile\n  - address: \"\"\n    sold_price: 0\n    sold_date: \"\"\n    beds: 0\n    baths: 0\n    sqft: 0\n    adjustments:\n      sqft_diff: 0       # +/- $50-$150 per sqft\n      bed_diff: 0        # +/- $5K-$15K per bedroom\n      bath_diff: 0       # +/- $5K-$10K per bathroom\n      condition_diff: 0  # +/- $5K-$30K\n      garage_diff: 0     # +/- $5K-$15K\n      age_diff: 0        # +/- $1K-$5K per decade\n    adjusted_price: 0\n\nestimated_value:\n  low: 0    # Lowest adjusted comp\n  mid: 0    # Average of adjusted comps\n  high: 0   # Highest adjusted comp\n  confidence: \"\"  # high (tight range) | medium | low (wide spread)\n\nPhase 5: Financing\nLoan Type Decision Matrix\nLoan Type\tDown Payment\tRate\tBest For\tWatch Out\nConventional\t20-25%\tLowest\tStrong credit, primary or investment\tDTI limits\nFHA\t3.5%\tLow\tFirst-time buyers, house hack\tOwner-occupy required, MIP\nVA\t0%\tVery Low\tVeterans, house hack\tEligibility, funding fee\nDSCR\t20-25%\tHigher\tInvestors, no income verification\tHigher rates, prepay penalty\nHard Money\t10-30%\tHighest (10-15%)\tFlips, bridge loans\tShort term (6-18mo), points\nSeller Finance\tNegotiable\tNegotiable\tCreative deals, no bank qualifying\tBalloon risk, due-on-sale\nHELOC\tN/A\tVariable\tRehab funding, down payment\tVariable rate, cross-collateral\nCommercial\t25-35%\tMedium-High\t5+ units, mixed-use\tShorter amort, balloon\nCreative Financing Strategies\nSubject-To — Take over existing mortgage payments without formally assuming. Risk: due-on-sale clause\nSeller Carryback — Seller acts as lender for portion. Combine with bank loan for lower down\nLease Option — Control property with option to buy. Lock price now, close later\nSelf-Directed IRA/401K — Use retirement funds for real estate. Complex rules, need custodian\nPartnership/JV — One brings capital, other brings time/expertise. Define roles in operating agreement\nPrivate Money — Borrow from individuals at agreed terms. More flexible than hard money\nRefinance Decision Framework\n\nRefinance when ALL true:\n\nNew rate saves >0.5% AND payback period < 3 years\nOR cash-out refinance recovers capital for next deal\nSufficient equity (>25% after refi)\nPlan to hold property >3 more years\nNo prepayment penalty or penalty < savings\nPhase 6: Property Management\nTenant Screening System\nscreening_criteria:\n  income:\n    minimum_ratio: 3.0  # Monthly income / monthly rent\n    verification: [\"pay_stubs_2mo\", \"tax_returns\", \"bank_statements\", \"employment_letter\"]\n  credit:\n    minimum_score: 620  # Adjust for market\n    red_flags:\n      - \"active_collections_over_500\"\n      - \"prior_eviction\"\n      - \"bankruptcy_under_2yrs\"\n      - \"multiple_late_payments\"\n  background:\n    check: [\"criminal\", \"eviction_history\", \"sex_offender\"]\n    disqualify:\n      - \"violent_felony\"\n      - \"drug_manufacturing\"\n      - \"prior_eviction_last_5yrs\"\n    # NOTE: Follow Fair Housing laws — no blanket bans\n  rental_history:\n    minimum_years: 2\n    verify: [\"landlord_references_x2\", \"payment_history\"]\n    red_flags:\n      - \"no_references_available\"\n      - \"lease_violations\"\n      - \"unauthorized_occupants\"\n  \n  scoring:  # Weight and score for borderline cases\n    income: 30\n    credit: 25\n    rental_history: 25\n    employment_stability: 10\n    completeness: 10\n    # Accept: >70/100 | Review: 50-70 | Decline: <50\n\nLease Essentials Checklist\nMUST INCLUDE (All Jurisdictions)\n□ Parties (full legal names of all adults)\n□ Property address and description\n□ Lease term (start/end dates)\n□ Rent amount, due date, payment methods\n□ Security deposit amount and return conditions\n□ Late fee policy (amount, grace period)\n□ Maintenance responsibilities (landlord vs tenant)\n□ Entry/access notice requirements\n□ Termination/renewal procedures\n□ Pet policy (if applicable — breed, size, deposit)\n□ Occupancy limits\n□ Utilities responsibility\n□ Insurance requirements (renter's insurance)\n\nJURISDICTION-SPECIFIC (Verify Locally)\n□ Rent increase notice requirements\n□ Security deposit limits and interest\n□ Lead paint disclosure (pre-1978)\n□ Mold disclosure\n□ Bed bug policy\n□ Smoke/CO detector compliance\n□ Habitability standards\n□ Domestic violence provisions\n\nRent Setting Framework\nMARKET RENT DETERMINATION\n1. Search 5+ comparable rentals within 1 mile (same beds/baths/sqft range)\n2. Adjust for: condition, amenities, parking, laundry, updates\n3. Check trend: rising, flat, or declining market\n4. Set at or slightly below market for fast occupancy (2-4 weeks target)\n\nRENT INCREASE DECISION\n  Current market rent: $______\n  Current tenant rent:  $______\n  Gap: $______\n  Tenant tenure: ____ years\n  Payment history: excellent / good / fair / poor\n\n  IF gap < 3%: Skip increase (retention > marginal revenue)\n  IF gap 3-10%: Increase to close 50% of gap\n  IF gap > 10%: Increase to close 75% of gap\n  IF tenant is problematic: Increase to full market (or non-renew)\n\n  TURNOVER COST CHECK:\n  Vacancy (1 month): $______\n  Make-ready repairs: $______\n  Listing/screening: $______\n  Total turnover cost: $______\n  Months to recoup with increase: Total / Monthly Increase\n  IF > 12 months to recoup: Consider smaller increase\n\nMaintenance Priority System\nPriority\tResponse Time\tExamples\nP0 — Emergency\tImmediate (1-4 hrs)\tWater leak, no heat (winter), gas leak, fire damage, lockout\nP1 — Urgent\t24 hours\tBroken AC (summer), no hot water, toilet not working (only one), appliance failure\nP2 — Standard\t3-7 days\tMinor plumbing, non-critical appliance, pest issue\nP3 — Low\t2-4 weeks\tCosmetic issues, landscaping, minor repairs\nP4 — Scheduled\tNext turnover\tPaint, carpet, upgrades\nPhase 7: Tax Strategy\nReal Estate Tax Benefits\nDepreciation — Deduct property value (not land) over 27.5 years (residential) or 39 years (commercial)\nCost segregation study: accelerate depreciation on components (5, 7, 15 year)\nBonus depreciation: 40% in 2026 (declining annually)\nMortgage Interest — Fully deductible on investment properties\nOperating Expenses — Property management, insurance, repairs, travel, education\n1031 Exchange — Defer capital gains by reinvesting in like-kind property\n45-day identification period, 180-day closing deadline\nMust be equal or greater value and debt\nReal Estate Professional Status — If qualified (750+ hrs, material participation), deduct losses against active income\nOpportunity Zones — Tax benefits for investing in designated areas\nPass-Through Deduction (199A) — Up to 20% QBI deduction\nAnnual Tax Checklist\n□ Track all income by property\n□ Track all expenses by property (receipts!)\n□ Calculate depreciation (include improvements)\n□ Document mileage for property visits\n□ Review 1031 exchange eligibility for any sales\n□ Evaluate cost segregation for new purchases\n□ Review RE Professional status hours log\n□ Consult CPA before Dec 31 for year-end planning\n\nPhase 8: Portfolio Management\nPortfolio Health Dashboard\nportfolio_snapshot:\n  date: \"\"\n  total_units: 0\n  total_value: 0        # Current market value\n  total_debt: 0         # Outstanding mortgages\n  total_equity: 0       # Value - Debt\n  ltv_ratio: 0          # Debt / Value (target: <70%)\n  monthly_gross_income: 0\n  monthly_expenses: 0\n  monthly_net_cashflow: 0\n  annual_cash_on_cash: 0 # %\n  portfolio_cap_rate: 0  # %\n  average_vacancy: 0     # % (target: <8%)\n  \nproperties:\n  - address: \"\"\n    type: \"\"             # SFR, duplex, etc.\n    units: 1\n    purchase_price: 0\n    purchase_date: \"\"\n    current_value: 0\n    mortgage_balance: 0\n    equity: 0\n    monthly_rent: 0\n    monthly_expenses: 0\n    monthly_cashflow: 0\n    cash_on_cash: 0\n    cap_rate: 0\n    occupancy: 0         # %\n    condition: \"\"        # A, B, C, D\n    next_action: \"\"      # hold, refinance, sell, improve\n\nHold vs Sell Decision Framework\n\nSell when 2+ are true:\n\nCash-on-cash return < 5% AND no appreciation play\nProperty requires >$20K deferred maintenance\nMarket at cyclical peak (price-to-rent ratio stretched)\nBetter use of equity elsewhere (opportunity cost)\nManagement headaches disproportionate to returns\nNeighborhood in sustained decline\n1031 exchange into superior asset available\n\nHold when:\n\nCash flow positive with growing rents\nBelow-market mortgage locked in\nSignificant depreciation remaining\nAppreciation trend intact\nLow management burden\nStrong tenant in place\nScaling Strategy\nPortfolio Size\tFocus\tKey Challenge\n1-4 units\tLearn fundamentals, systems\tAnalysis paralysis\n5-10 units\tHire PM, systematize\tCash flow vs growth\n11-25 units\tTeam building, commercial loans\tFinancing complexity\n26-50 units\tAsset management, syndication\tOperational complexity\n50+ units\tInstitutional standards, raise capital\tCompliance, investor relations\nPhase 9: Short-Term Rental (STR) Operations\nSTR Feasibility Analysis\nREVENUE ESTIMATION\n  Average Daily Rate (ADR): $______ (AirDNA, PriceLabs, comp search)\n  Occupancy Rate: ______% (conservative: 65%, good: 75%, great: 85%)\n  Monthly Revenue = ADR × 30 × Occupancy Rate\n\nADDITIONAL STR COSTS (vs long-term rental)\n  Furnishing (one-time): $5K-$25K depending on size\n  Cleaning (per turnover): $75-$200\n  Supplies/amenities (monthly): $100-$300\n  Channel management software: $50-$200/mo\n  Dynamic pricing tool: $20-$100/mo\n  Professional photos: $200-$500 (one-time)\n  Higher insurance: +$500-$2K/year\n  Higher utilities: +$200-$500/mo (you pay all)\n  Licensing/permits: $0-$5K/year\n  Occupancy/tourism tax: varies (8-15% of revenue)\n\nNET = Revenue - All LTR Expenses - Additional STR Costs\nCompare: STR Net vs LTR Net. Need >30% premium to justify extra work.\n\nSTR Listing Optimization\nTITLE FORMULA: [Unique Feature] + [Location/View] + [Key Amenity]\n  Example: \"Lakefront Cabin w/ Hot Tub | 5 Min to Slopes | Sleeps 8\"\n\nPHOTOS (20+ required):\n  1. Hero shot (best exterior or view)\n  2. Living room (wide angle, lights on)\n  3. Kitchen (clean, staged)\n  4. Master bedroom\n  5. Master bathroom\n  6. Each additional bedroom\n  7. Outdoor space / patio\n  8. Amenities (hot tub, pool, game room)\n  9. Neighborhood / attraction proximity\n  10. Welcome touches (basket, guidebook)\n\nDESCRIPTION STRUCTURE:\n  Para 1: The experience (emotional, what makes it special)\n  Para 2: The space (factual, beds/baths/capacity)\n  Para 3: The location (distance to attractions, restaurants)\n  Para 4: The amenities (bullet list)\n  Para 5: Guest expectations (house rules, check-in)\n\nPRICING STRATEGY:\n  - Use dynamic pricing (PriceLabs, Beyond, Wheelhouse)\n  - New listing: 20% below market for first 5 bookings (reviews)\n  - Weekend premium: +20-40%\n  - Event/seasonal premium: +50-200%\n  - Last-minute discount: -15% within 3 days\n  - Length-of-stay discount: 10% weekly, 20% monthly\n\nPhase 10: Advanced Strategies\nValue-Add Playbook\nStrategy\tCost\tRent Increase\tROI\nKitchen update (counters, paint, hardware)\t$3K-$8K\t$75-$200/mo\t12-30 months\nBathroom refresh (vanity, fixtures, paint)\t$1.5K-$4K\t$50-$100/mo\t15-40 months\nFlooring (LVP throughout)\t$2K-$6K\t$50-$150/mo\t20-40 months\nWasher/dryer (in-unit)\t$1K-$2K\t$50-$100/mo\t10-20 months\nSmart home (thermostat, locks, lights)\t$500-$1.5K\t$25-$50/mo\t10-30 months\nAdd bedroom (convert den/office)\t$2K-$10K\t$100-$300/mo\t7-33 months\nADU / garage conversion\t$30K-$100K\t$800-$2000/mo\t15-50 months\nUtility bill-back (RUBS)\t$500\t$50-$150/mo\t3-10 months\nLaundry (coin-op)\t$3K-$8K\t$50-$100/unit/mo\t3-13 months\n1031 Exchange Checklist\nBEFORE SELLING\n□ Identify qualified intermediary (QI) BEFORE closing\n□ Document investment intent (not personal use)\n□ Calculate basis and estimated gain\n□ Identify potential replacement properties\n\nTIMELINE (Strict — No Extensions)\n  Day 0: Close sale of relinquished property\n  Day 45: Identify up to 3 replacement properties (or 200% rule)\n  Day 180: Close on replacement property\n  \nRULES\n□ Like-kind (any real property → any real property)\n□ Equal or greater value\n□ Equal or greater debt\n□ All equity reinvested (boot = taxable)\n□ Same taxpayer on both transactions\n□ Not personal residence (unless converted)\n□ QI holds funds (never touch the money)\n\nSyndication Basics (Raising Capital)\nSTRUCTURE\n  - GP (General Partner): You — finds deals, manages, earns fees + promote\n  - LP (Limited Partners): Investors — passive, earn preferred return + split\n  \nTYPICAL TERMS\n  Preferred Return: 6-8% (LP gets paid first)\n  Profit Split: 70/30 or 80/20 (LP/GP after preferred)\n  Acquisition Fee: 1-3% of purchase price (to GP)\n  Asset Management Fee: 1-2% of revenue (to GP)\n  Hold Period: 3-7 years\n  \nREQUIREMENTS\n  - Securities attorney (506(b) or 506(c) exemption)\n  - CPA experienced in syndication\n  - Track record (start with JV, then syndicate)\n  - PPM, operating agreement, subscription agreement\n  - Investor relations system\n\nPhase 11: Market Cycles & Timing\nReal Estate Cycle Phases\nEXPANSION → HYPER-SUPPLY → RECESSION → RECOVERY → EXPANSION...\n\nEXPANSION (BUY)\n  Signals: Rising rents, falling vacancy, new construction starting\n  Strategy: Acquire aggressively, lock long-term financing\n\nHYPER-SUPPLY (CAUTION)  \n  Signals: Overbuilding, rising vacancy, rent growth slowing\n  Strategy: Stop acquiring, focus on operations, build reserves\n\nRECESSION (PREPARE)\n  Signals: Rising vacancy, falling rents, distress sales emerging\n  Strategy: Hold cash, hunt distressed deals, negotiate hard\n\nRECOVERY (AGGRESSIVE BUY)\n  Signals: Vacancy stabilizing, construction stopped, prices bottoming\n  Strategy: Maximum acquisition mode — best deals of the cycle\n\nInterest Rate Impact Rules\nRate ↑ 1% = ~10% reduction in purchasing power\nRate ↑ → prices soften (buying opportunity if cash flow still works)\nRate ↓ → prices rise (refinance existing, sell flips)\nAlways underwrite at current rates + 1% buffer\nARMs: only if plan to sell/refi within fixed period\nQuality Scoring (0-100)\nDimension\tWeight\tScore\nFinancial Analysis Rigor\t20%\tNumbers verified, stress-tested, conservative assumptions\nDue Diligence Completeness\t15%\tAll inspection items checked, title clear\nMarket Research Depth\t15%\tMultiple data sources, trends analyzed\nRisk Assessment\t15%\tDownside scenarios modeled, mitigations planned\nLegal/Tax Compliance\t10%\tJurisdiction-specific, professional consultation noted\nOperational Planning\t10%\tPM, maintenance, tenant systems in place\nExit Strategy Clarity\t10%\tHold period, triggers, 1031 optionality\nDocumentation Quality\t5%\tOrganized, retrievable, complete records\nEdge Cases\nFirst-Time Buyer\nStart with house hack (FHA 3.5% down, live in one unit)\nBuild reserves before buying investment property\nGet pre-approved, then find deals (not reverse)\nRemote Investing\nVisit market first (fly once, walk neighborhoods)\nBuild team BEFORE buying: agent, PM, contractor, inspector\nNever rely solely on photos — video walkthroughs minimum\nInherited Property\nGet appraisal immediately (stepped-up basis = date of death value)\nEvaluate: sell, rent, or 1031 exchange\nClear title issues ASAP (probate timeline varies)\nRising Rate Environment\nFocus on cash flow over appreciation\nSeller financing and assumable mortgages = gold\nNegotiate price reductions (fewer buyers = leverage)\nAvoid ARMs unless very short hold period\nTenant Disputes\nDocument everything in writing\nFollow local eviction procedures EXACTLY\nOffer cash-for-keys before formal eviction (often cheaper)\nNever self-help evict (illegal everywhere)\nNatural Disaster / Insurance\nGet proper coverage BEFORE closing (flood, earthquake, wind separate)\nDocument property condition with photos/video\nKeep separate reserve for insurance deductibles\nReview policy annually — don't be underinsured\nCommands\n\"Analyze this deal\"     → Full rental/flip/BRRRR calculator\n\"Screen this property\"  → 5-minute screening checklist\n\"Compare these comps\"   → CMA analysis with adjustments\n\"Set rent for [addr]\"   → Market rent analysis with comp research\n\"Screen this tenant\"    → Scoring template with criteria\n\"Review my portfolio\"   → Portfolio health dashboard\n\"Should I sell [addr]\"  → Hold vs sell framework\n\"STR feasibility\"       → Short-term rental analysis\n\"1031 exchange plan\"    → Timeline and checklist\n\"Market analysis [city]\" → Full market scoring\n\"Value-add options\"     → Renovation ROI analysis\n\"Tax strategy review\"   → Annual tax optimization checklist\n\n⚠️ Disclaimer\n\nThis skill provides educational frameworks and analysis templates. It is not legal, tax, or investment advice. Always consult qualified professionals (attorney, CPA, licensed agent) for jurisdiction-specific guidance. Laws vary dramatically by location. Never make investment decisions based solely on AI analysis."
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