Hello:I got a quote for converting a 16x10 living room into a bedroom.

If you use the search function, there are a number of threads on this.Pros-you can rent by the room and make more moneyCons-students are often less experienced at living on their own and may do things that result in repairs (eg wrong soap in dishwasher), higher turnover, more calls to deal with things, higher chance of parties.If you do it, you may want to get a cleaner in once a week to clean common areas (students clean their own rooms and keep the place tidy, wash their own dishes) and you will need to get someone in to take care of the yard.

I will live there for a year (It was an REO and I signed an addendum that I have to live there at least a year) while I complete the remodel and then rent the property out to establish cashflow.

Part of your rent payments can go towards the down payment, allowing you to build up the necessary funds over time while living in the property.

If the value has not gone up a lot since purchase, this might not apply to you, but one thing that is often a factor when converting a primary to a rental is losing your section 121 capital gains tax exclusion (up to $250k individual, $500k married couple if you've lived in the property for 2 of the last 5 years).

This is because we are all living in simulationNothing is real.

I don’t plan on living in Philadelphia long-term but probably will for at least the next year.

If you live outside of the area of the property, it will be more difficult, but still possible with a network of vendors.

We all live and learn. 

Is there anyone who lives in NYS and wholesale using Duck Fund for EMD?