I've posted on this subject quite a few times, feel free to check out my previous posts but your objective as a real estate investors should be to avoid claims and what you are proposing offers no greater protection than owning the real estate in an LLC in the state where the property is located or where you reside. 

Knowing the area provided a solid foundation for your investment decision, and using cold calling to find this deal allowed you to negotiate directly, potentially minimizing competition and costs.

For context, (1) the property was in poor condition when I acquired it, and (2) I’m a passive real estate investor.Here are my expenses:- Travel (~$2,000) and meals during travel ($500)—I understand only 50% of meal costs are deductible.- Gardening maintenance (just to prevent the grass from getting too high, not an improvement).- In-year tax consultation ($300).- Commission to my buyer’s agent ($300).- Insurance premium ($1,000).- Insurance deductible following a claim ($1,000).I believe the property won’t begin to depreciate until it’s in service, which seems to align with how TurboTax is set up.

As Harry came to dominate a large segment of the NYC real property market, this became a serious costly mistake for those who Harry thought had not acted ethically. 

What was the Sale price and renovation timeline & cost?

I have a rental in a large lot - easily enough to subdivide to 2 parcels, plus the house sits at the edge of the lot. Does anyone have a rough ballpark $/SF range for new builds?

I was looking at some online real estate courses and they cost thousands of dollars so thought it might be better to invest in syndication and get 15% or more returns.

I would only move forward if I preferred the ceiling fan permanently...and I would have my contractor install it and then I would bill back the resident (have the resident confirm the installation cost in advance). 

Given that you are out of state and your adjuster is playing hardball (mine didn't), it may make sense to interview a few public adjusters and see if their cost is worth what they can provide in your situation.

Free initial consultations are pretty common, but we do not offer them anymore.