HI Mindy, we annually purge items we haven't used in the past year and bring to the Salvation Army to claim as a tax write off.

i would stay away from SFH as your first purchase. you are 100% responsible for that mortgage should something happen like you lose your job or something. a multi family gives you breathing room. one thing to keep in mind is the taxes...sure the Bronx may have higher prices compared to NJ....but you can find properties in the bronx with 2-3k annual property tax rates.....while Jersey has some of the highest property tax rates in the country. factor that into your math and not just the purchase price. 

Net annual cashflow after cashing out equals x% of your acquisition cost plus capital expenditures. 

If you can get your best price from an owner occupant then a month to month lease would be best so you can deliver the house empty to the next buyer.If the house is really a good rental and the lease is favorable then offering it to sale to an investor with an annual lease in place with a good tenant might be best.

Matthew,Please feel free to join us for REIA-NCI annual Christmas party on 12/13 at Eberhart golf course starting at 6pm.

After all cost i get on average about 35-39% annual ROI.

She then has the ability to make a tax-free annual gift of $15,000 to you and your sister (and sisters kids) if she so desires, so that you can start using that money now. 

Section 8 properties require annual inspections and there is always something needing attention.

Rents must be increased annually.

This does that.Then it's no effort at all to put one page onto DocuSign or RightSignature.com etc. and email everyone to sign it, annually.