On top of that you have lower taxes, insurance and a lack of HOA's.

However, this means you’ll need to comply with the annual filing, franchise tax, and reporting requirements in both states.

What paperwork should I keep a paper trail of to make things like taxes and other situations better/easier for myself?

Plus it's ordinary income so it's a nice tax hit.

This allows you to use all of the tax and deferred depreciation recapture to purchase the larger MF propertyA consolidation exchange is where you sell multiple investment properties to purchase a larger and nicer investment property, but you also get the benefit of using all of the tax you would have had to pay to your advantage.

.: New to REI & BP, and debating my first move.My Background:30, single, no kids, no property, high income, fully remote worker$300K to allocate toward real estate (+ $100K/year after tax)Currently renting in NYC but planning to move back to LA (hometown) in summer 2025 or the following yearTired of paying rent and want to start building equityMy Dilemma:1️⃣ House Hack in NYC – Stay a couple more years here, buy a small multi-family now and offset costs with rental income.

Approximately 6-8 weeks ago my attorney stated he was unable to get the delinquent tax 'owner' nor the squatters served in this matter. 

The property tax savings are going to be in the ball park of 40-60%, but to be safe you should double your expected repairs budget when calculating the NOI.If you have any other questions, or want a more in-depth response, I would love to help!

Quote from @Devin James: In one of our development projects, the City staff asked us to remove 40 units from our concept plan.This wasn’t requested by the City Commission at a formal hearing, it was the opinion of the staff.Our original concept already proposed fewer units than the current zoning would have allowed.Here’s what erasing 40 units means:- 40 fewer homes for buyers- Over $1M in lost profit for our team- Fewer tax dollars and impact fees that could’ve benefited the City’s infrastructure & servicesWe gotta get betterEveryone wants more affordable housing, but not everyone wants to do what it takes to achieve it we never listen to the recommending bodies. we move for city approvals and work closely. the other thing we do is keep going back to the same groups over and over and over and over every month on the same agenda and make very small reductions like 2% or 4% and that reduces and beats them down eventually they accept what you want. it's just before beating a dead horse. we keep tabling until they give us something we all agree on then we go to vote. in our city in columbus we have to get recommendations but that's our strategy. we used to come out as aggressive as possible. we typically study developments in the area and keep it very similar in terms of density. we have a track record of very controversial projects and litigation and not taking no as an answer. after a year of that haha I can tell you it's not worth it. now we are more relationship based and buying the right kinds of plots of land. if the numbers don't work on the front end don't do the development. 

Mostly because the tax incentives are *insanely* good.