If not rented at fair market rent, this property will just count as your residence, not a rental for tax purposes.Structuring the property under an LLC or land trust could trigger a due-on-sale clause, so check with the lender before proceeding.To minimize risk, consult a CPA for tax strategy, weigh financing costs, and draft a legal rental agreement.

I’d recommend starting by connecting with local investor groups and networking with other professionals in the area.Also, seek out teams that are actively investing and managing properties on the ground.

If you’re looking for a straightforward, hassle-free option, I highly recommend checking them out!

You just need the right plan and the right people in your corner.A little background on me—I’m a real estate broker, investor, and developer out of Rochester, NY.

This means you must always be able to rent out your properties at faster than inflation rents.

To find reliable contractors, ask for recommendations from other investors, real estate agents, or your local hardware store, and check platforms like Angi or Thumbtack for reviews.It’s best to bring a contractor out after the inspection so you have all the details to discuss.

Have a way to double checking their information they give you on the application.  

Looking for any advice for someone starting out in this realm.   

I got the deed recorded today and I'm going try to get the numbers from the state and reach out to the developer tomorrow and see what we can work out.

Get an estimate from a GC to get a good idea of what is required.Market Comparables: Check what similar-sized homes with finished basements or additional bedrooms are appraising for in your area.