My thought would be, if the city is okay with letting owners doing padsplit, why not just letting them rezone the property to multifamilies and build a multifamily apartment, which is a more legitimate solution. 2.

No one answered this for several days, so let me give it a try.My dad owned a mixed use property in the outer boroughs of NY City for over fifty years.

Definitely recommend reaching out to the city first to confirm what permitting would be needed for added square footage.

We live on the opposite side of Canada for work right now relative to where this house/city is.

I have worked with many experienced investors from Southern California, Las Vegas, Phoenix, Tucson, Denver, and other large metro areas in the southwest and west coast, with seasoned investors that still live in all of those great cities but have shifted most of their real estate investments out of those higher cost or higher risk markets into ours. 1) Compared to most cities in the SW and West, home prices in the Albuquerque metro are relatively affordable.

.- Most cities do NOT care if an owner lives in basement, but will not allow a tenant to unless baement has legal egress window.3) Check local statutes if any limitations on how many unrelated roommates are allowed.4) Check with local building dept to see if rental inspections and corresponding requirements.5) Local statutes allow locks on bedroom doors?

@Jeff S.Speaking of recourse loans…https://therealdeal.com/new-york/2024/11/27/acres-goes-after-personal-assets-of-tides-equities-principals/

I would also recommend looking at cities close to Greenville, like Anderson, Easley, & Simpsonville as well since Greenville can be competitive unless you are looking at off-market deals.Also the non-occupancy tax would be based on the tax assessed value of the property and not the income it produces.

Investment Info:Single-family residence fix & flip investment in Missouri City.

All of this being said, part of the plan is to purchase my neighbor's 4.5 acres to give me complete control of almost 14 acres off a major city/county road that connects to a major Texas highway in the DFW area.