In my experience tenants on the lower end of rent tend to cause more damage than higher price tenants.

I'll keep it fully furnished, so I can potentially charge more, especially since it’s also near a major hospital in Astoria and close to LGA.Do you think this plan is feasible?

Would that lower our tax liability from other income we receive or no because this is purely RE and not an operating business?

I'd recommend starting with the lower hanging fruit than a large basement reno - if your comps are close but don't quite get you to your number.Finishing the basement (with proper egress) could push you over the top, but confirm with an appraiser first to ensure it counts.

House hacking could work if you find the right deal, but I’d also look into BRRRR or flips in secondary Florida markets like Tampa or Jacksonville, where acquisition costs are lower.

@Paul GarridoWhy not lower rent? 

Basically, if you did this over the term of your mortgage, you would end up owning the property outright at a simnifically lower percentage.

While you likely won’t owe taxes due to the loss, filing is still required since the rental property is located in Missouri.Kansas (KS): As a Kansas resident, report the rental loss on your KS state return (KS-40) since Kansas taxes your worldwide income, including out-of-state rental activity.Tax Impact: The rental loss reduces your federal taxable income and may lower your overall state tax liability.

Some of the larger companies will take them, but they often charge a fee.

Not to mention staff, I’d check on the number required to stay up to ratio throughout the day, night ratio is likely lower than day ratio.