We are based in NYC but are considering (as of now) locations outside of NY but within a 300 mile radius. 

That's not worth 15% of the job.Another thing to consider is that some managers will charge low management fees and then add maintenance fees to bring in more income, while others charge high, all-inclusive management fees.

Consider starting with house hacking to reduce housing costs while learning property management, or explore mid-term and short-term rentals for steady or higher income.

Platforms like BiggerPockets, local REI meetups, and Facebook groups can connect you with investors seeking opportunities.Joint Venture Partnerships: Consider partnering with a seasoned developer or investor who can provide the capital while you contribute your vision and operational effort.Hard Money Loans: If you’ve identified a property, some hard money lenders may fund the purchase and development based on the future value (ARV) of the project.Crowdfunding Platforms: Sites like Fundrise, Groundfloor, and RealtyMogul cater to real estate developments and could be a great way to gather capital.Seller Financing: If the land seller is open to it, negotiate terms to finance the purchase directly with them.2.

Hi @Heather Bailey something to consider with this is legal mother/daughter may not mean legal duplex. 

If leveraging equity feels too risky, you might consider using a portion of the equity to fund your next property while keeping reserves intact.

Are there other creative options I haven’t considered?

Rentals are extremely difficult to make pencil right now but would only personally consider higher end projects because the costs are far easier to absorb than trying to build in lower value neighborhoods.

DSCR would be considered a Non-qualified mortgage.

Hey @Matthew AllenIt’s a creative strategy that could work in the right circumstances, but there are some risks to consider.