Investment Info:

Single-family residence fix & flip investment.

Purchase price: $240,000

Cash invested: $10,000

Working on getting this first "OFFICIAL" deal under my belt. I've dabbled here and ...

Hello, I currently have 2 rental properties in upstate NY and I am looking to purchase more in the near future.

I'm particularly passionate about finally growing my portfolio from my current 4 doors to enough doors to one day offset my W2 income. 

I’m currently renovating my house and turning it into my first rental.

I guess it depends how the new assessments compare to how you currently value them.This is our tax appeal guy https://www.utbf.com/attorney/john-k-fiorillo/

When I report the value of the asset that I am taking the Distribution from, is it still $500,000, as per the current appraisal and receive $50,000? 

I've worked on private RE deals at hedge funds, I'm currently developing 2 projects, each 18 unit workforce MF's, and buying a property at foreclosure auction.

This assumes the market rent for the unit I will be moving into.My goals from entering real estate are 1. add diversification in my investments (right now heavily invested in stocks) and 2. house hack, so that tenants pay part of the mortgageIn my current market, I have two options: a. buy older houses, renovate, bring the rent to market --> this will cashflow, but needs a lot of time investment which I don't haveb. buy turnkey properties: --> renovated and already occupied by tenants but may not be cash flow positive.I found a property that's type B.

I'm currently househacking a new build out here and have seen a fair amount of growth in the area (new SFHs, Condos, banks, restaurants, etc...) 

In-laws goals: downsize from their current property, have a constant rent payment going forward (on fixed income), and avoid a situation where the landlord wants to sell property while they are renting.