It goes deeper than that.NYC Liberal policies, including strong tenant protections, increases the risk of failure so much that the risk far outweighs the rewards.Financial ruin is just around the corner for the small Mom and Pop Property Investor that it doesn't make sense for them.The Tenants will have free Attorneys that are bent on delaying eviction cases so long that it stretches into years while Mom and Pop suffer from lack of rental income and still have to pay all the bills and do the management.Additionally, the increase in homeless living rough in the streets due to Sanctuary laws causing a lack of shelter beds, then evicting shelter residents after 30 days creating more homelessness, policies that tie up the Police's ability to arrest perpetrators, etc. only causes Mom and Pop to sell out at large discounts to larger Landlords who are capable to use Economies of Scale to eek out a profit.These larger Landlords will eventually turn a much higher profit as the pendulum will eventually swing towards the middle when the NYC Voting population eventually realizes that it's not a conspiracy of the Rich that's causing the Wealth Gap to increase.It's the same liberal laws that encourage people to become lifelong tenants, small Entrepreneurs (including Property Owners and small Mom and Pop Businesses) to be destroyed, and Rents to rise astronomically as housing becomes scarer even when the population declines by as much as 7% in the last several years. 

W2 jobs do NOT qualify you for Real Estate Professional status, even if the job is in real estate! 

You’ll want to check out the PA Code's Chapter 2800 for the standards around licensing, safety, and staffing requirements, and the Assisted Living Residence Regulatory Compliance Guide can provide extra insight.We actually have a local team here in Allentown that has worked on several of these conversions, so if you'd like some guidance or just want to chat through the process, feel free to reach out.

International tax law is complex and requires years of experience to fully understand, so be sure to consult with a qualified professional in this area to ensure everything is handled correctly and any potential tax liabilities are addressed.Hope this helps, and best of luck with the transfer! 

Get a cost seg study done.Once you convert your primary residence into a rental, you can get a new cost seg study done and take bonus depreciation to offset the new rental income.5.

I would get a professional opinion from a qualified contractor , you may have storm damage already that could possibly be covered by your insurance 

Read this:https://www.biggerpockets.com/forums/51/topics/1122635-the-s...Cost segregation for your LTRs/MTRs may only be beneficial if you have a spouse who can qualify for the Real Estate Professional status, and then for one year only.And you're right: business is more important than taxes.

In my market, it requires a lot of inquiries to get a qualified tenant.

About me: owner of a primary residence, looking to get a multifamily (preferred but open to single family) property soon.

@Sonia Arreguin we just had a resident pass away and we requested a certificate of death.