It's a super affordable real estate market where you can still find deals that hit the 1% rule anywhere from $120-180k purchase price.

Im currently networking to partner up with a home builder here in Staten Island and build Semis on empty land.

In a very loose rule-of-thumb estimate, your Net Income (revenue minus expense) may be about 50~60% of the gross revenue. 

I think this is a solid method for building a portfolio and wealth.

@Clark Harbaugh, Given the favorable tax rulings over the last few years (in particular revolving around trusts and their equaling a beneficial interest in the underlining propery) the IRS has actually been much more lenient (or at least silent) on these issues. 

Esprit if it's causing issues with other (good) tenants and they aren't following the rules of the lease I wouldn't renew.

Hoping for $325,000 for the build (budgeting for $400,000 with overages).

I am considering working with a property developer in NJ to buy land, build a duplex/triplex and sell it (6-9 month time horizon).  

I'm currently planning to purchase a commercial multifamily building in Chicago with the proceeds of a 1031 exchange.

Hey @Joel Oh, so let's clarify the NYC rules around STRs.STRs are legal in NYC as long as these directions are followed."