I am most comfortable with long-term rentals, but I would like to try a flip or two to build my capital.

I am still living in Chicago but plan to move to New York in a year or two.

@Mohit Gupta  depending on number of occupants your regular insurance can cover it, read the policy, ours covers two roomers. 

It’s part of the qualification criteria, and any problematic tenant should be revealed by speaking with two or three prior landlords.

Just my two cents, good luck!

My business partner and I bought into it  quickly saw its limitations then just as quickly canceled our service  within two weeks.

Purchase price: $8,000 Cash invested: $20,000 In 2013, I decided to put much of what I had learned from books into action by purchasing a two-bedroom home—not as a traditional investment property, but as a home for my mother.

Purchase price: $8,000 Cash invested: $20,000 In 2013, I put my knowledge into action by purchasing a two-bedroom home for $8,000 as a home for my mother, though she wasn’t thrilled about it.

Purchase price: $8,000 Cash invested: $20,000 In 2013, I put my knowledge into action by purchasing a two-bedroom home for $8,000 as a home for my mother, though she wasn’t thrilled about it.

But there is no black and white guidance that I could find.And, in conclusion...1st conclusion: no FICA until the child's 18th birthday.2nd conclusion: tax law is muddy (I would add two capital letters, but it's a family-friendly forum)3rd conclusion: pay your CPA, we have to deal with it daily, and it takes skill