HI BP family.

The owner, a family member of one of our buyers, inherited the property through probate, but they weren’t equipped to handle the renovation.The house had been left in disrepair for quite some time, with the previous owner struggling with mental health issues.

Quote from @Samuel Hudson: Hello friends I am new the market and recently bought a home in Weehawken 6 months backs .Its a three family home and we are currently doing renovations Right now.The rent leveling board told me that two units would have to follow a rent of 1650 for unit 1 which has three bedrooms and another unknown amount for unit 2 which they don’t have the information for .The previous seller I purchased the property from bought it as a tax lien .He has kept the property vacant for two years with no tenants before selling it to me .However ,the previous Owner he bought it from must have had tenants .I am putting in a lot of money into renovations and want some clarity on the situation I am in .The property has been vacant for the two years and currently still is as we are doing renovation .It would be really appreciated if anyone can assist me on what information needs to be provided by from the previous seller for me to be able to set the rent based on the market value .Thank you . 

Quote from @Charles Masten: Good afternoon BiggerPockets family,I hope everyone’s 2025 is off to a fantastic start!

I read that one of the requirements for getting your second FHA loan is having a change in family size.

Transfer landscaping and snow removal to them as well.Do you have a single-family house with a separate garage?

However, there are still plenty of tax benefits when it comes the income you generate from your multi-family property that you can deduct from. 

Quote from @Brandon Snyder: Adam, that off market inheritance lead sounds like a perfect opportunity for a first purchase.. especially since you’ve already built some rapport with the seller’s family.

Managing five rentals can eat up a ton of time in any given week, often at times that are inconvenient to you and your personal interests (family, hobbies, travel, etc.).Of course you can manage on your own.

Investment Info:Single-family residence buy & hold investment.