Harlem is undergoing a significant transformation, and properties like this one, which offer both historical significance and modern amenities, are in high demand.

I'll add that you must manage yourself for at least a year (all four seasons, etc.) to have a real understanding of what you want done and how much you would value what is offered by STR PM.

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – so, they often select the first PMC they call or that calls them back!

There are companies such as Cover that offers a full service ADU deliverable from design through construction completion.

It's a balance of cashflow and wealth accumulation.One of the goals is to have tenants pay as much of your cost-of-ownership as possible (loans, taxes, insurance, etc.)In high-cost areas, any Class A or B property you buy will usually negative cashflow for the first 3-5 years, until rents rise enough to cover the negative cashflow + rising taxes & insurance.Investing OOS increases your risks because you may not know the market and you can't check on everything/everyone all the time.If you move forward with your buddies, HIGHLY recommend creating a solid Partnership Agreement!

And all the tenants' security deposits and all the buyers'Earnest Money Deposits don't need my asset protection, as they are not my funds, and are certainly not covered by any of our Umbrella Insurance Policies. 

It was just an offer (costs extra) through a local lender I used!

One realtor in particular made me an offer to come work for her if I got my real estate license.

I certainly can see how this all happened though Guru's charging folks how to be a synidcator so lots of beginners.. then of course competing offerings and knowing how investor gravitate to the highest returns without really understanding the risks etc.

Holding the new property until passing offers a step-up in basis, eliminating deferred taxes for heirs.