So far this is looking like a great option for my situation but I've never done one before.

Saw a similar situation with friends.

Just depends upon the situation I guess! 

Selling and buying something else you want keep and doing a cost seg in would help with the tax burden probably better in this situation.

Steve,Actually, this is where a more nuanced assessment of this comes in.I actually meditated and journaled on the very situation you described lately.

False equivalency is probably the case for either situation.  

From what I've researched, it's the less than ideal situation to be in because of the reasons you've stated.

Apartments are the least ideal living situation for us, so what if we got stuck in a multifamily property we intended to just be in for a short time.

Quote from @Samuel Hudson: Hello friends I am new the market and recently bought a home in Weehawken 6 months backs .Its a three family home and we are currently doing renovations Right now.The rent leveling board told me that two units would have to follow a rent of 1650 for unit 1 which has three bedrooms and another unknown amount for unit 2 which they don’t have the information for .The previous seller I purchased the property from bought it as a tax lien .He has kept the property vacant for two years with no tenants before selling it to me .However ,the previous Owner he bought it from must have had tenants .I am putting in a lot of money into renovations and want some clarity on the situation I am in .The property has been vacant for the two years and currently still is as we are doing renovation .It would be really appreciated if anyone can assist me on what information needs to be provided by from the previous seller for me to be able to set the rent based on the market value .Thank you . 

You have provided a variety of situations where doing a cost segregation study would be useful.