I know that i could buy my next multi family property as a primary residence close by move in, rent half live in the other and than rent where i am now which would cash flow upwards of 1k monthly, or i could buy another multi as strictly an investment property out of state which would be a lot cheaper (taxes and cost of property) and a lot more landlord friendly laws than New York, i guess i’m just undecided on which route i want to take and I’m trying to weigh the pros and cons of each scenario.

OPIf you have a company with a Sales tax license.  

We built a single family home version of a 2 bed 1 bath with surface parking at cost with no profit all in with land for 175k in newark ohio, a suburb of columbus ohio. when we push that to 3 units and closer to the city for our build to rent model the numbers go way better. a 30k slab for a single family home is 30k, a 30k slab for a triplex is 10k a door. we designed a 2 bed 1 bath design at 668 sq ft and it's very good layout even I would live there, but I would never build anything that small again. there's no economies of scale. you need density and shared lines, resources, shared roof shared slab, shared windows, etc the cost goes way down.

Low maintenance building, top-end rents for the area due to the extensive work that was done and the location.

However, in California, each LLC incurs an $800 annual franchise tax plus gross receipts fees if revenue exceeds $250,000, and property insurance may cost more.

Have any idea about Gift tax in NY?

I want to cancel TODAY and get a refund of the $390 + tax membership fee. 

They would get that $500K tax free and the rest of the tax would be deferred in the 1031.A very elegant solution that puts $500K tax free in their hands now. 

I want to know more about the area and build a team that can help me purchase and manage properties.   

At year end you’ll get a summary and a tax form.