Consulting a tax professional now can help structure ownership and financing efficiently, ensuring you take full advantage of deductions, depreciation, and potential tax-saving strategies like 1031 exchanges in the future.This post does not create a CPA-Client relationship.

My original plan was to save up for a year and buy my first home.

If you’re looking for more info, I’ve got some great resources I can share.

Message me and I will shoot you their info.

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?

@Paul Whitney Detroit property values increased over 20% in 2024:https://detroitmi.gov/news/detroit-home-values-increased-ave...https://www.cbsnews.com/detroit/news/detroit-home-prices-amo...https://www.detroitnews.com/story/news/local/detroit-city/20...DM us if you'd like more info...

I’ve drained my savings.

https://www.mass.gov/info-details/accessory-dwelling-units-a...

This will save you time and effort, as you won’t have to travel long distances to manage different properties or handle tenant issues.For your first investment, I suggest starting with 2-4 unit properties.

You could also get a line of credit for about $150k (you should be able to borrow 75% of the value.)The reason I suggest this is…1) you save $40-$60k in selling costs. 2) you have a lower blended interest rate (2/3rds at 3.25% and 1/3rd at 7 or 8% instead of the whole $500k at 7 or 8%) saving you another $1k/mo in interest. 3) you only pay interest on that $150k when you actually use it, not from day 1  Unless you hate this property, or want to buy something you can’t afford without selling, that would be my plan.