Real estate is not my of my knowledge base at all but I want to start working on building passive income now (I’m 44). 

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 . 

Based on what you shared you are not financially qualified to own real estate.

Left me feeling like a basically have a retail/fulfillment person on my team so I'm a big fan and would recommend giving them a shot, especially if you're in a similar position as I was: Needing to furnish an STR quickly and cost-efficiently. 

I am currently based in Canada and am looking to embark on my real estate investment journey in the United States, specifically focusing on multifamily properties. 

To be honest in today’s market I’m not seeing nearly the amount of wiggle room in renegotiating a price based on repairs.

Jeff and John are extremely reasonable and may give you a handful more great ideas based of what your end goal is.  

Would love to connect and explain some possible scenarios based on your criteria!

I think both of your strategies have merit, but here’s my take based on what you’ve laid out.Moving to a rent-stabilized apartment and renting out your condo as a mid-term rental could be a smart pivot, especially with its location near a hospital and LGA.

The advice can now be something very actionable, which you can try and then send them a thank you note based on how it went.