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However, I’m new to navigating such a situation, and I’m looking for guidance on:Collaborating with neighboring property owners to reduce costs and share resources.Structuring deals involving land contributions and joint development efforts.Attracting capital partners for projects like this.I think this could turn into a win-win for everyone involved, but I want to ensure it’s planned and structured correctly.

Real estate investing has been a passion of mine for time with my mother also having invested early on where I likely have gotten the love and desire to follow similar foot steps.I have taken last 6 months to educate myself and currently own a single family home as primary residence and would like to expand to multi family properties (2-4 units) for additional stream of income, not to mention potential tax benefits for long-term investing.Based on current living situation, I have a fair amount of equity established in my primary residency along with having enough cash to either pay off house completely or use towards investing in a multi family property.Given that I'm the sole source of income for our household with my wife being the home maker for our two kids under 2, trying to weigh out risks with getting started now or perhaps waiting. 

This is a very frustrating situation.

You may have an advantage since there is very low deal volume in your area, and may have multiple bidders.Good luckGino

If you provide any kind of substantial services like catering, car service, etc you will change you tax situation and no longer can file under Schedule E.

Quote from @Aaron Letzeiser: Quote from @Mohit Gupta: @Steven Toth I was actually able to find multiple carriers who would insure for a slightly higher premium, which I am happy to pay.

Investment Info:Townhouse fix & flip investment. 109 W 132nd St, New York, NY 10027, is a meticulously renovated brownstone townhouse situated in the heart of Harlem.

if so you will need multiple properties - don't believe all you hear about the cash flow in Detroit. 

If there is, get a real appraisal with as is and ARV and put together a REAL SOI that you think is conservative from multiple GC's.