This is going to be the year we get a 2nd or 3rd property.

Cash invested: $60,000 656 sq foot, 1 BR Condo What made you interested in investing in this type of deal?

Help me see if this is "worth it" or not.  

HI, I own a part share of a nice recently renovated house in North London, with other members of my family owning the rest, left to me in my fathers estate, with probate granted in 1999, as a tenant in common.

Of course it all depends on pricing and what your target demo is.

House hack another property with a low down payment loan and use the remainder or the proceeds to either renovate or purchase another investment property?  

@Marc Shin,Totally agree with what Alberto stated above.

Quote from @Gregory Wilson: Speaking of IRS budget to audit returns, what that means is that IRS allocates a certain amount of manpower to do the audits.

House hacking our basement as our first investment, we have remodeled and redone our entire basement and now getting ready to rent out.

The distributions and allocations on your K1 will dictate what is attributed to you.