@Abel Eskinder since you're out of the country, you'll probably want to give some thought to our copy & paste info below:-------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

This is a C class, my minimum requirement is 600.

Check out the exceptions to the law as it does not apply to all rentals:https://www.nyc.gov/site/hpd/services-and-information/good-c...If it did apply to you, month-to-month agreements would still allow you to do rent increases any time.

@Renee CossRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

.- Set up a new management entity taxed as a C corporation, which can be fully owned by my revocable living trust.

Are you reporting it on Schedule E or C? 

C.

@Priyanka Shah Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

@Minji KimRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which is VERY important for stable rental income and low property maintenance/damage.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

Class A Properties/Tenants: just need basic understanding to start and can learn as you go along.Class B Properties/Tenants: a decent amount harder, you'll need to invest a decent amount of time learning landlording or tenants will teach you a lesson.Class C Properties/Tenants: you need to really know what you're doing and have boots on the ground you can trust.Class D Properties/Tenants: don't even try!