It’s just like having your 5 houses, only all in one building.

My sister-in-law has found a house in their neighborhood that has been vacant for years, and lo and behold, the owner has passed away and the heirs are looking to sell.

Me and my wife are aiming to start our real estate investing journey with our first house around June/July in the Lehigh Valley area.

Hi All, any input on renovating a house and possible tax exemptions under an LLC?

The sellers says it's just college boys and that's to be expected.He's currently getting good rents...as unbelievable as it may seem and if cleaned/fixed up it could make more as well as increase the value of the property.We own several coworking/coliving properties in the US and Mexico, so we are used to hospitality and properties out of state.However, my questions are;Is this a norm for college students, or student housing? 

Ultimately you will have to sell your house at a discount. 

Hi @Christopher Morris House Hacking is NJ is great way to go. 

Quote from @John Friendas: There's a house I'm considering buying with a business partner as an investment rental.

If it does go to probate, hopefully your brothers and you can amicably go the informal route vs formal (I've worked with families in both when buying properties out of probate and informal is FAR easier).Since there's no debt on the house, maybe you could sell with financing or maybe you could even buy out your brothers with financing -- that way you maintain ownership and just pay them a monthly amount.

@Tim Holt, Yes INDEED house hacking is the best option for most 1st time buyers.