Some insurance companies offer policies specifically designed for owner-occupied multifamily properties, so it’s worth asking about that option.The key is ensuring both your personal residence and the rental unit are adequately covered.

An LLC is potentially one minor factor that might contribute to the evidence that you are running your rental activity as a trade or business, but it's definitely not required that you have an LLC to qualify.

If your goal is passive income, it's not going to be in New Jersey when you factor in cost to purchase, management costs, and rent to price ratio, but what you can get is steady appreciation.

This was a pre-existing structure so we went with the flow designing it. 

A replacement cost should factor in depreciation.Airbnb knows exactly what they are doing when the scam hosts by not paying 100% for repair costs. 

Great amenities, great photos/drone shots, great design.

Then compare that to what you’d net by listing it as-is—factoring in the time you save and the carrying costs you avoid by not renovating.It might seem straightforward, but once you dive into the numbers, the difference between renovating versus selling as-is can be surprising.

Use a 20% vacancy/tenant nonperformance factor in your analysis.

I'm sure that factored in to the government trying to find a way to gain ownership of the land and the only solution appeared to be a land swap. 

Although the percentage of the increase is large, the determinative factors are whether the resulting rent is so great as to shock the conscience of a reasonable person and was effected for the purpose of compelling the tenant to vacate."