Just wanted to provide the BP community with some context on this thread...Our team provides affordable housing for residents in multiple states, and unfortunately sometimes we run into unruly residents.One such resident is Shawn Sheedy.

Crossing the lines may not provide proper liability protection.Personally, I just kept my SF rentals in my name and got excellent insurance coverage, $500K per property plus a $2M umbrella.

I may have to Teak my strategy in light of the excellent advice you provide here, Henry.  

Contact the utility provider and get a historical average based on the last year of use.

If you die while holding the property, it gets a stepped up value and all the gain is tax free.If rental the taxes can be deferred via a 1031 and if you die while holding it, it gets the stepped up bases with gain forgiven.Hopefully the numbers provide some example of possibilities. 

With STRs provided he passes "material participation" test and some other restrictionsB.

So the idea of doing this all from afar is a bit daunting, however, I know the most important thing here will be to create a great team and outsource as much as possible.I have set my sights on a couple of different markets being in the Southeast and the Midwest; these markets seem to provide the cash flow I am initially interested in generating to value add to the properties I purchase.

It separates your personal assets from your business, providing a safeguard if any legal issues arise related to tenants or the property.

You need to provide at least 30 day notice to a tenant that you will not be renewing in NY State.

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