If the rate is reasonable then it may make sense to try to save fast to get to the 3.5% down payment on a double or triple - househacking may allow you to increase your savings rate and pay down that loan even faster.As for estimating costs, closing in NY factor at least 1% of the mortgage amount for tax, plus $1500-2000 for lawyer, title and fees, then the amount required by the bank for escrow will depend on the actual property taxes and insurance.

After he teamed up with a local intermediary in the Bay Area.. from what I read in the Wall Street Journal, Lockton has been helping investors streamline these moves.. he ended up freeing enough capital to invest in a mixed-use building in San Antonio that we’d been eyeing for a while.I’m no attorney or CPA, so I’m not giving legal or tax advice here, but there’s definitely something to be said for repositioning your insurance to fit your broader investment goals.

And issue them a 1099 which verifies their EIN# as well as relieves you from paying tax on the $ you pay them. 

Saw it in 2020 and its happening all over again for different reasonsI have invested in the areas myself and plan more in 2025 to take advantage of the huge tax benifits to come.

Double taxation would be when you have to pay US income tax and then also Canada income tax and you don't receive a credit for your US income taxes.

I know how much my property taxes will be, but what other expenses are there, and approximate cost? 

The very basics would be getting your furniture and shopping list together, keyless entry like Schlage (with backup lockbox with physical key very close as well), looking into insurance, local taxes for STRs, and moreAlot of ways to save time and make it easier to self manage with a property management software like Hospitable and data research like AirDNA.

As most investors seek to do in real estate, we want to generate positive passive income through multiple avenues such as equity, cash flow, and even tax advantages.  

Have a good CPA to help come tax time. 

Or stay a second year and sell tax free.