Additionally, forming a new LLC may require obtaining a new EIN and business bank account.This post does not create a CPA-Client relationship.

Sounds like you put in a ton of work to maximize the value, and that basement addition was a smart move.I noticed you mentioned the NYC luxury tax and some of the rental pricing challenges—have you considered expanding your portfolio in markets where you don’t have to deal with those kinds of headaches?

Additionally if you're running an active business in the IRA the income will have to pay UBIT.   

Instead of spending years learning by trial and error, working with a coach or mentor can allow you to accelerate your learning curve, gain confidence, and achieve your goals faster.

Additionally, the price point is still cheap enough to find the 1% rule and positive cash flow and there's amazing appreciation potential! 

Happy to answer any additional questions & good luck with your investing. 

There are cheaper one’s in D/F areas but I would be careful as those can create a laundry list of additional issues.

@Kevin Connauton most PMCs won't touch this type of renting due to all the additional headaches and liability.We second contacting PadSplit.

This sounds risky, are you being compensated by additional rent and have you checked with your insurance to ensure you are covered. 

Additionally, Mr.