I’m considering offering the seller 85K, the realtor 12k and then put in around 35K to get both up and down units rent ready(might be able to do it cheaper, especially since it’s likely a rental).

Investment Info:Small multi-family (2-4 units) buy & hold investment in Bronx.

You can use this property to hedge any others that you add that may only cover themselves, or require supplement until they are paid off.HOWEVER, if you have decided that your goal is to use Real Estate as a stepping stone to build wealth by upgrading the property you hold each time (condo to house, house to 4-plex, 4-plex to 8 unit, etc) then I think you are right to sell now while you think the property is at the top of it's appreciation.It will be hard for anyone on BP to tell you what to do as we don't know your goal.You are right. 

That means that you can buy a property with up to four units, since this is still considered residential.

Can anyone give me some advice pros/cons on having a single family unit with a pool as a rental unit.

The contractor we hired renovated several other units in the same building and did a beautiful job.

Investment Info:Small multi-family (2-4 units) buy & hold investment.

I live in an apartment with 4 rental units and a studio.

In the event that he moves out in a few years, I would turn the unit into a rental.Questions:1) Since I will be renting to a family member, do I still need to create an LLC?   

Do NOT set up 1 account for multiple units.