You may never collect a dime, but at least it will sit on her credit and prevent her from taking advantage of others or qualify for a loan.4.

I appreciate your insights on balancing cash flow and appreciation, tenant selection, and the advantages of investing in different property classes.

This is a great place to learn and to connect with people so take advantage of all the great resources.

It's also worth mentioning that it's better to consult the CPA BEFORE you make a major decision (buying, selling, converting to rental, etc), since that's when you still have the opportunity to strategize and structure the transaction in the most tax-advantageous way. 

I agree with @Chris Seveney that you have several advantages over the average rehabber.

You cant take advantage of the STR loophole on a primary residence even if you are renting it out to someone else. 

Streeteasy allows NYC agents & landlords to advertise "no fee" rentals which many like to take advantage of to receive more inquiries, applications, and fill vacancies sooner.Right now, Streeteasy has 4,567 Brooklyn rentals listed and 3,196 are marketed as "no fee".In addition to this, section 8, cityfheps, and other rental assistance programs usually pay the broker fee instead of the landlord or tenant paying.Hope this helps!

An LLC could simplify bookkeeping and structure your growing investments, but its main advantage would be in organization and liability rather than immediate tax savings.

And while we are on the subject, it is smart to protect your assets by using advantages that company structure offers.

Not to knock schooling, I have an advanced degree myself, but I recognize that no one would work for me that I would want running my show.There is a lot showing in your frustration, I feel for you, but it's a challenging time in the industry and without experience and the advantage of having been through a few down cycles, you may just need to read about the down side of real estate to get to the next level.