This would reduce my monthly expense to $3,568, saving $144/month.Questions for the Community:Which of these options do you think makes the most sense for a long-term rental in NYC?

This is prime real estate, and is just about the last piece of land in this area.I have begun to develop a commercial property that I own with contractor garages, which is the extent of my experience in this space.I'm trying to get a sense of how to structure something like this, with using LP's, and also partnering with a builder, and carving something out in that regard.Does anyone have recommendations on who is currently working in this space and could provide some insight?

Dennis' dad and I actually tripped over something similar back in Chandler.. we learned to tap into city planning websites and even call the permit offices directly to get a real sense of their backlogs.

Ideally, I’d stick with a single market, but the numbers in Houston didn’t make sense anymore, and I didn’t want to buy another short-term rental.

I'd love to be able to start that way, but it's impossible in my location.Try to run the numbers and see if it makes sense for you, but for most real estate investors, I believe house hacking is the most intelligent/reasonable place to start. 

You will probably figure out where you want to live here and then you can back into which areas make sense to house hack from there. 

Hope all of that makes sense but feel free to post with anything else. 

Hi Preet - Great questions and I'm sure there are some folks that may be able to provide some more concrete yes or no answers but my sense is that you may not be able to realize a lot of tax benefits if the value of the thing you are describing isn't very high. 

Ran the numbers every which way and it made the most sense by far.  

Conversation is no different, motivation is definitely there, but telling someone, face to face, for this deal to make sense; 1 they over paid for the property, 2 they are gonna have to take a 40k loss in less than 12 months.