Hi, I'm looking at house hacking, but not sure all of the rules.

I would like to set up an LLC for my house, but there's not a lot of information out there on building a rental property in your house.

My goal is to house hack a multi-family and then move out after 12-18 months when I am able to buy my 2nd property. 2 of the units are under lease agreements. 1 unit is vacant (which I would be living in).  

You've probably heard of big Landlords losing property, but only because they were flagrantly violating Fair Housing, running a slum, or otherwise violating the law in an egregious manner.

I have a STR house in a resort town, but the city’s new stricter policies have really cut into my revenue.

Hey @Henry Lazerow - I would tend to agree that most of the NW side of Chicago 2-4 units don't play out perfectly well for BRRRR deals.I always looked at any potential house hack vs. having to rent - if my overall payments were less than the rent I generally considered that a win.For me...the house hack is just the ticket into the amusement park and then the fun rides come after...getting started can be overwhelming and hard so I can see why people might take a discount.I think one of the keys to strong equity creation is square footage creation which is basically what you outlined with duplexing up or down.

If you have just one long-term tenant in your house hack duplex, and you're taking a $30,000 guru course on making money from assisted living or storage facilities or on running a syndication - it is probably not deductible under Section 162. 

Our long-term plan is to eventually move out, rent both units, and buy a house of our own.

How hard is it to find a property to house hack in New York?

Unfortunately, the vast of them have houses and other buildings or improvements on them so I can't compare the public records.