A small multifamily property is a smart choice for a first investment—it offers a great balance of income potential and manageable scale for someone new to the space.Don’t worry about being ambitious; it’s clear you’ve done your homework, and you’re already ahead of the game by setting a clear goal.

Set clear and consistent application requirements so you can base your decisions on solid facts.

Am I setting myself up for a tax nightmare?

Best neighborhood and best assets are subjective and largely based on the individuals capabilities (balance sheet, skill set, time etc.)

Choose the one that offers the best deal and service, and you'll be set to move forward with the process.

Payouts would have to be set up from the sellers primary Airbnb account and you would want a contract written.

However, a lot of concerns can be mitigated with looking at their past rental behavior in a lot of different settings.

With $330/m in cash flow, unless you have sufficient reserves set aside those funds should remain as liquid as possible in the event of repairs or cap ex.

Quote from @Samuel Hudson: Hello friends I am new the market and recently bought a home in Weehawken 6 months backs .Its a three family home and we are currently doing renovations Right now.The rent leveling board told me that two units would have to follow a rent of 1650 for unit 1 which has three bedrooms and another unknown amount for unit 2 which they don’t have the information for .The previous seller I purchased the property from bought it as a tax lien .He has kept the property vacant for two years with no tenants before selling it to me .However ,the previous Owner he bought it from must have had tenants .I am putting in a lot of money into renovations and want some clarity on the situation I am in .The property has been vacant for the two years and currently still is as we are doing renovation .It would be really appreciated if anyone can assist me on what information needs to be provided by from the previous seller for me to be able to set the rent based on the market value .Thank you . 

In general, government will set the assessed value lower than market value at reassessment in order to neutralize appeals.