That's what I was told about trying to rent out room by room or the downstairs unit (if I were to put in a kitchenette it would function as a studio apartment) with the house being considered a multi-unit.

Unit 1: 2BR/1B rents for $900 (downstairs) - I would live in Unit 1, fix it up and put in a W/D.Unit 2: 2BR/1B w/ W/D rents for $800 (upstairs)Unit 3: 1BR/1B rents for $700 (upstairs) and has balcony access (as does Unit 1)Total Taxes: $5811/yrInsurance: $1111/yrMiscellaneous: $4838/yrMortgage payment would be approximately $1800 as I am doing FHA and escrowing taxes.

This can be a problem for some investors if the property barely cash flowed, did not have a positive cash flow or worse...While the lender can foreclose on and take the property, this is a serious distraction and expensive course of action.

Especially when multiple units are put in play.Additionally, many real estate investments are relatively passive.

Since I’m in New York, a tenant friendly state, is there anyway to put in a contract or something for me to be able to evict a tenant quicker if they go with out paying?

I believe we put in new mechanicals as well.

I have $15,000 cash I am willing to invest, which obviously isnt a lot and Im having trouble trying to come up with a way to invest alongside my dad and get some sort of equity or % of the monthly income the STR would bring in.Say I put in $15,000, my dad puts in the rest to equal 20% down on a $600,000 property = $120,000 total, $105,000 of my dads, say $15,000 of mine, that would equate too 2.5% ownership, and lets say I get 2.5% of the monthly income the property brings in, thats a paltry number. or 2.5% of equity in the property, that doesnt equate to much either.

I have some guys that I think genuinely like me so they move their schedules around to get to my projects, which is worth the effort I have put in.

Some have had negative experiences when new management is put in place when working in parks.

There are a lot of banks in my area, once this is done and a permanent foundation is put in place, will finance the home.