(You say it’s worth about $100k more than you’re paying so figure an extra $15k.)Maybe you’d be better off partnering with the parents unless they have zero interest?

I added value to the property by focusing on key renovations that aligned with the tastes of Hamptons buyers.

@Beatrice Ontiti we most certainly agree that adding new construction in a growth market to your portfolio would be a great next step! 

The original goal, rightly or wrongly, was to maximize rentable units, so we rebuilt the main house from the foundation up into a 3 bed 2 Bath 1,600 sq foot main house, and added a 600 sq ft 1 Bed 1 Bath JADU, along with a 1,200 sq ft 3 Bed 3 Bath ADU.

Great added points! 

I was also wondering if they have any value added services for looking at deals. 

We I purchasedthe property, the previous owners updated the plumbing, adding HAVCand updated the electrical.

By identifying the right buyer within our network and streamlining the transaction process, we added value without requiring extensive renovations.

Rentals generate passive income, so an S-Corp offers no added tax benefit.

Consider a HELOC for value-added BRRRRs or flips if you have a low interest rate.