There are more complicated strategies to maximize larger listings that involve having like multiple listings for same property and do individual room rentals when it is slower and then for larger length stays, larger groups, and more desirable dates you'd book the whole space, but I think its easier to just do two separate. 

You’re going to deduct your tax prep, your internet, your cellphone, your computer, your tablet, your mileage if you’re involved in the properties, your home office, etc etc.

Best part is NJ is not what its made out to be in terms of landlord friendly, the state gets portrayed as the entire state being bad when really most wacky laws are in the major cities and they apply to 5 units or more.  2-4 unit multi families fly below radar per say. 

The apt is on the 2nd floor and the furnace is in the attic.I will talk to the heating contractor about setting up a floor temp ( might involve installing a 2nd t-stat as a couple people suggested).

it was an interesting process but basically, the novation allowed us to get the deal done without having to involve the banks. this was a huge motivation. that way I save on having to close twice. 

What paperwork needs to be involved if IRS asks?

And lastly, market risks and mismanaged funds can also create major headaches, especially for those involved in lending groups.

I think it speaks volumes regarding your care to the situation the heir is involved in.

There are actually THREE kinds of subject to transactions1- subject to existing mortgage without lender approval2- subject to existing mortgage WITH lender approval3- subject to existing mortgage as part of a seller financed wrap around mortgage.with #1 and #3 it’s in everyone’s interest to utilize a third party servicer, who collects and then distributes payments.  

Seems to be there was a bad judgement on the rehab from all parties.