It is very simple and cheaper to set up the LLC in NJ vs NY ($50 vs $200 when going on the state website) what is still an open question is I also need an operating agreement for the LLC once set up, wondering if that is also free as part of just getting the LLC set up on the state website or if I need to use a lawyer or a legalzoom type of service to do that.

Real estate can be scary to jump into but VERY rewarding! 

I am very interested in avoiding cap gains and recapture. 

I put together a table of these options along with pros/cons to determine the best course of action.  

On the inside, our popular furnishing touches include a neon light up sign and a very comfortable pull-out couch enabling two extra guests to maximize the occupancy. 

Not only would it decrease your monthly mortgage but you'd be able to get into it with a very little down payment since you'd be living in one side of it. 

The ones I'm very serious about I'll call and get a home owners quote and verify the current assessed taxes to give me a more accurate mortgage payment. 

I would consider selling, i’m not necessarily saying you should, BUT only hold if you have a very strong belief in the appreciation of this property. 

While most of the people are pretty good and probably have a thankless job, there are definitely some with the good ole boy network and very political. 

I don’t care to hide my fee as I will be very transparent.