A JV is the ideal structure with less overhead expenses.

In an ideal world I'd find a lender willing to do a refinance of the existing 1.3 acres into the new split parcel as well as originate a construction to permanent loan for the new build.

I live in New York, and considering how high the taxes are here, I was wondering if this is the ideal place to start as a rookie.

Ideally, we all would like to make a little money off of this home verses having to give it completely up to the bank at some point probably very soon......My sister in law will have to make enough money to rent a house elsewhere and my husband and I are renting a home nearby but we both are more than ready to purchase our first home, but we don't have very good credit or money for a down payment right now (we also have 5 kids).

The ideal situation for a property manager is having a tenant that comes to them without representation the day after a property is listed.

I figure the conventional refinance really wouldn't be an ideal move to make at least initially.

It works really well for me and allows me to see valuations based on a number of different factors with minimal input as well as 5 and 10 year return projections.But I always say that the investment property you buy should make you monthly returns or long term returns (both is ideal, but almost never happens unless you've held the property for a long time).

Ideally, we all would like to make a little money off of this home verses having to give it completely up to the bank at some point probably very soon......My sister in law will have to make enough money to rent a house elsewhere and my husband and I are renting a home nearby but we both are more than ready to purchase our first home, but we don't have very good credit or money for a down payment right now (we also have 5 kids).

Ideally an Assignment of leases/security deposits/permits/warranties/etc. is executed at closing, along with a letter to all tenants from the old landlord advising of the ownership change and of the new payee/address for future payments.

So in an ideal world, presuming you are cash flow positive on your investment properties, there would likely be no negative consequences.