And since you hold the property with your wife in a trust that makes this a related party scenario. 

What made you interested in investing in this type of deal?

This has been my observation in 45 years in real estate investment.  

Purchase price: $375,000 Cash invested: $60,000 Sale price: $525,000 This home was build in the 1980's.

This just got sent to me this am.  

Usually you can find this online.#3 Chances are you will never buy a $500,000 property for $30,000. 

Hey TJ, welcome to the Forums.Wishing you the best as you work toward that first deal this summer!

Agree 100% especially if they don't have capital and a capital sponsor wants 75% or more - something better than nothing especially when you don't have skin in the game 

Quote from @Lee Banks: Hi my name is Lee I'm looking too buy my first rental property and but I feel as if I need a mentor to watch, I still need to learn the basics of real-estate does anyone in New York do programs or mentorships and where would you start if you first started real-estate today  Hello Lee,I'd recommend looking up local meetups here on BP, meetup.com and, eventbrite.You can also call around to speak with RE investors and professionals in your target market to begin making connections.With so much available information online, I'd recommend speaking to a few people and doing independent research before committing to mentorships.

To maximize my cashflow and gain landlording experience, I’d do STR and MTR in the other units, as well as the other bedrooms in my unit.