I'm a licensed contractor in NYC and I have a good friend who's family owns a property here in Crown Heights Brooklyn that’s basically all paid off and taxes are up to date.

The transition isn't just about property size; it's about shifting your entire approach.I've observed that successful transitions typically happen when investors have:- Stabilized 5-7 single-family rentals with systems in place- Built relationships with at least 2-3 reliable lenders- Established a maintenance crew that can handle larger projects- Accumulated at least 6 months of operating expenses as reservesI asked a client of mine who owns a 420-unit multi-family in Nevada how he started his RE investment journey, and he told me that he started with a duplex in Buena Park, CA, 40 years ago and used the 1031 exchange to grow his portfolio to 420 units, never paid taxes on sale of any of his properties.The most seamless path I've seen starts with small multi-family (5-10 units) rather than jumping straight to 50+ units.

This will help attract more business to the state, keep it coming! 

If it was 20 years ago and they had the same name, its gonna be an uphill battle to go back now after someone has been paying taxes on a property and probably upgraded it during that time.

Also don’t know your taxes there.  

These two loan types are among the few exceptions that permit closing directly in the name of an LLC.Most of my clients initially take title in their own name, then later transfer the property into an LLC or land trust for asset protection or tax benefits.

There are monthly mortgage, taxes, HOA dues and insurance expenses each month, however this still generates great cash flow every month.

My name and my daughter’s name(s) are also in title and the loan.I have really good equity in both properties (six figure) with great interest rates.At some point my daughters and their husbands will move out to upgrade to something bigger.I want to turn these properties into investment properties after my daughters move out:  thinking the best way is to convert in my name only.Also considering leveraging the equity in the properties to help buy new homes/townhomes for my daughters when they are ready as well.Wondering what the best strategies would be for me to expand property portfolio, minimize tax impact , create more passive income while continuing to help my family grow.I appreciate any advice! 

He's a CPA with a focus on strategic tax planning.

Once you retire the title and place a mobile home on its own lot then our county taxes as real property and we pay property taxes like a stick built home vs a mobile home in a mobile home park which is taxed like a car - vehicle tag.4.