Joint bank account is likely not the ideal idea here - need to make it a true lender-borrower relationship, co-mingling funds like this in a bank account makes it more like an equity partnership which is a different animal

Given that the property is located in a C/C+ neighborhood with a tenant pool that may not be the best, and with many neighbors owning pets, I'm debating whether to replace the carpet with LVP (Luxury Vinyl Plank) flooring from the outset.I have a cat, and while he's generally well-behaved, there's a chance he might pee on the carpet if he feels threatened by other animals (read: if the other animal is inside the same living space as him).

It's a lot more volatile investment than real estate, and not something I would recommend investing in unless you were willing to take some short-term cash swings (monthly costs are pretty high and income isn't steady) and unless you have some other reason for being in the business (I'm a city boy who loves animals and wants my kids to grow up with some experiences I didn't have, so getting to the horses/farm with my kids is a big bonus for me).Horse have many of the same exit strategies as real estate -- you can buy them, improve their racing form quickly and resell at a profit (flipping), you can race them consistently (once or twice a month) for years and just collect the cash flow from their races (buy-and-hold), you can breed horses and raise them to be racers (development/new construction), you can buy really expensive horses with passive investors (syndication), etc...Happy to answer any specific questions, but don't want to bore everyone with this topic...  :-)

“Service Animal” Accidents!

In NYC, yes it can be very lucrative but it could also bury you for the information you don't know that you don't know. 203k Construction loans are a whole different animal.

@Daniel Murphy..Bnbs are their own animal because of the factors you mentioned. 

They possess the determination and grit necessary to take that walk and ultimately those characteristics are a foundation for the vast majority to transition to productive tax paying members of our society. 

Biggest animal request I have had. 

But, typically 4 units and under are not purchased for income alone and many times the GRM's of 2-4 unit properties vary significantly, based on many characteristics, and therefore, the income approach is not usually significantly meaningful. 

In most cases you cannot charge two different tenants for the same time period (double dip).Pet fees/pet rent: Local laws vary, but there are often addiitonal deposits, fees, or rent for allowing pets that don't qualify as service animals or emotional support animals.