I live in Westchester County, NY, and I am considering taking a room in the corner of my house on the first floor and turning it into a rental.The infrastructure is already in place where I would only have to put up a few walls to keep it separated from the rest of my house, but it is a large room with a closet and bathroom that I would like to rent out.It may not be much but I feel like this would be a step in the right direction and a good way to practice being a landlord.My question is: What kind of tax implication would this have on me?

The kitchen is partially done, new laminate floors, 3 bathrooms needs updating, no blinds on the windows, needs interior repaint. 

For example, flooring.

None of the jobs are big enough to sub out, so expect to be touching up paint, fixing flooring, adjusting downspouts, confirming that the stain on the drywall in the basement is black mold or actual water damage, etc.

So I had same done on my first floor tub two years ago. 

All new plumbing, electrical, new flooring and everything.

We inherited one tenant in the lower unit and we have been doing minor renos to the upper unit - new flooring, paint, plumbing to get it ready.

We had tenants that were desperate to take an apartment we had under rehab, no drywall or flooring because they were tired of living without hot water (2 months).

Replaced living spaces and bedroom floors with carpet.

My goal is to create a great home experience for the renter, but doesn’t cause me an arm an leg in material cost ( as most of us probably want).So far flooring will be vinyl.Kitchen countertops will be granite .Soft close cabinetry in kitchen.Any suggestions will low coating materials for the bathroom , appliances ( kitchen) and bedroom which will give great value but will be relatively cheap for me as an investor when purchasing?