.: My first investment property happens to be my first home purchase, so my questions are hopefully basic for anyone experienced here.

You want to know of any & all problems before spending any additional funds on the property!

. $50k land value on a $600k property sounds very low / possibly incorrect 2.

I have owned this property for 8 years, 7 as a rental property.

NYC property values are increasing at or above the national average (4%).

Only the PMC is continuously connected with you until you sell the property.

Quote from @Mordecai Ese: I’m 28 and debating whether to withdraw $60K from my Roth 401(k) to help fund a new rental property.

Try to make a goal of buying 1-2 properties each year.

Unfortunately, this reassessment is unavoidable, so you’ll need to evaluate whether transferring the property is worth the potential tax increase.If a Transfer Is Not Feasible:If the potential property tax increase makes the transfer impractical, an alternative option is for your father-in-law to secure a Home Equity Line of Credit (HELOC) on the property.

I personally make well over $100k/yr cash flow from 21 buy-and-hold properties here.