You'll get pretty good depreciation when it comes time to do the taxes.

This allows you to report the rental income and expenses directly on Schedule E of your joint tax return, simplifying your tax filing process.

All the best to you during your last semester.Househacking is one of the most common routes for new investors in NY.For best returns, I'd recommend focusing on South and Southeast Queens, Central and Southeast Brooklyn, and the Bronx.There are parts of the suburbs (Westchester and Long Island) that have househack opportunities but the property taxes are higher and the commute time to NYC is longer.Abel

It’s harder to BRRRR in the Tulsa area now due interest rates, you definitely have to buy at a great discount in order to be all in low enough toget all of your money out and the rents have to be high enough to still cash flow after all expenses (PITI, Mgmt, Vac’s, Rep/Maint, CapEx, HOAs, Util).Based on being “all in” $120K in order to BRRRR and still cash flow at least $300 mo:$120K cash out amount - at 7%/30 yr ($150K+ ARV)PI = $800 mo + Taxes $150 + Ins $150 = $1100mo PITIRENT would have to be at least $2000 mo- $1100 PITI- $200 mgmt (even if self mng, it’s exp for time)- $200 vacancies- $200 Rep/Maint & CapEx= $300 mo cash flow.

I can save a fair bit on state tax and rent as I'm currently living in California. 

Unless there is a reason to submit your tax returns, you could go w2-only. 

@James Thompson Transferring property from your in-laws to you can be done through a gift, sale, or trust transfer, each with different tax implications.

The other factor that's relevant for me is that my husband is a high end W-2 wage earner and we could greatly benefit from the potential tax benefits of actively managing the property. 

you'll probably still need something long term like software as others have suggested but this was a thought i had... you could see the actual profit or loss from a tax perspective for each property.

I did not see taxes taken out for profits.