Plus...escape velocity...Episode 113 – Jay Papasan - Very practical slow and steady adviceEpisode 221 - Tim Shiner - his concept of equity build up and "shearing the sheep" shows some of the flexibility of real estate vs a 401k Last but not least, I also recommend all the tax advice given by my fellow CPAs on the BP Podcast.

@Jordan Moorhead Wow, I don´t think I would like rentals or multi family properties but I am always open to the concept.

Should I improve the property and use as a proof of concept to see if my market can handle a higher rent factor?

Would love to pick your brain about potential for a small scale micro-unit concept I have also. 

Study and know the concepts behind the questions.

The concepts remain the same, and you actually get better leverage from commercial loans than from residential loans. 

It's tax law, so there are numerous exceptions, restrictions, and extensions on that "section 121 exclusion", but that's the general concept.)Since the property was gifted to you, you have the the gifter's basis in the property.

A good resource is the Journal of Light Construction (JLC) and Fine Home Building.

Thanks for the mention, @Dmitriy Fomichenko@Delshon Chestnut - with the size of NYC, the concept of "local" is somewhat fuzzy.

While on a road trip last week, I finished Brandon Turner’s The Book on Rental Property Investing, which was amazing, Ken McElroy’s ABCs of Real Estate Investing, and started Brandon Turner’s The Book on Investing in Real Estate With No (and low) Money Down.I’m extremely interested in the concept of house hacking and the plan for using that savings to help buy future SFRs that Brandon explains in his book and that’s what I’m going to spend a good portion of my time on researching going forward.