What would be your advice in choosing a neighborhood or area to start farming to gain leads?

My plan is to maintain the status quo and benefit from annual rent increases and equity gain as the tenants' rent covers the mortgage.

My plan is to maintain the status quo and benefit from annual rent increases and equity gain as the tenants' rent covers the mortgage.

The benefit to the seller is that they don't receive all of their capital gains in the first year, but they will pay as they receive their money. 

.🚀 Making It Work1️⃣ Optimize Your Space – Converting a living room or office into an extra bedroom can supercharge returns.2️⃣ Target the Right Tenants – Young professionals, digital nomads, and students love co-living setups.3️⃣ Automate the Management – Using systems for roommate screening, lease agreements, and shared expenses makes it passive.Co-living is gaining serious traction in house hacking circles, and I’d love to hear from others who are using this model.

Sure I have doubts now that I’m midway through renovations…but I feel the contacts I’ve gained in a new city (electricians, plumbers, etc) are worth their weight in gold.

You are not going to make anything on it, so you will not have to worry about capital gains. 

At this time the primary goal is passive income and then scale within 5 years as I gain more experience and network. 

I’m looking forward to gaining more knowledge and receiving the right mentorship.

Hello Dana, For that purchase price in Brooklyn, NY, you could be looking at considerable unknown expenses at this point.If the property is occupied, you'll have to factor in attorney fees and holding costs while you wait to gain access to the property.Furthermore, you could be facing additional costs related to title issues: open permits, violations, liens, judgements, etc.