I’m sure he feels like he earned that money because of how much time he spent going to different sources supposedly.

You have given the tenant many of your rights as an owner BUT only for a specific time period whereas a deed transfers rights permanently.  

While I haven’t invested in NYC specifically, I can share a bit of perspective: For a 3-year timeline, buying can make sense if you’re confident in the market’s appreciation and can find a condo with flexibility for renting it out later.

Start with a rental that has modest rehab requirements such as updating kitchens and bathrooms and make sure you qualify for permanent financing through a lending source that offers interest rates similar to that of  a bank.

Are there specific advantages or potential pitfalls I should consider when structuring these activities through my LLC?

For anyone considering this, it’s probably worth consulting with a local land-use attorney or planner to navigate the specifics and make sure you’re maximizing the opportunity without running into red tape.

Have some real estate under my belt but looking into Short term rentals opposed to long term rentals.Wondering if there is a stand out book to read to gain understanding for Australian Short Term rental market/AIRBNB.Also if there is a specific group for Australians and short term rentals for Australian market/Australian tax system etc, do point me to that.Rod

@Jefferey EutsayIs there a specific aspect of this deal that you are hoping to get advice on?

Affordable relative to the rest of the US so great place to work remote or just enjoy a reasonable life without being hugely cost burdened Cons: A lot of older than 1980s construction (you 100% can be successful with these properties just have more to check during due diligence) Need to be mindful of market rents in the area and not overspend on renovations where there is not ROI to do so, you can’t usually exceed $2 sf on rental rates and average price per sf is 1.25-1.5 sf (neighborhood, unit type, and finish level specific).KC is not a boom and bust market, you don’t get the high highs or the low lows.

There is no specific promised ROI that defines an investment as being a “Ponzi Scheme”.