Nick Sansivero, I have a 2-family in North NJ and honestly don't think Property Management is worth it on something that small.

To make a lot of money as a PM, I think you've got to make compromises that I'm simply not willing to make. 

Really helpfulDo you think HELOC can workout for turnkey investment or other loan types?

If it's an investment property, then I think your best bet would be to move the property into an LLC with you and your parents.

@Jagan ReddyI'm not a CPA or a cost segregation specialist, but I do know that if you are not designated as a  real estate professional, then you can only offset passive income by your passive losses.Qualifying as a real estate professional is more challenging than most people want you to think.

That's exactly what I was thinking!

Most professionals will recommend a separate LLC for every $1 million in assets but I don't think that's necessary.

Also tax and municipal liens typically survive foreclosure (so think code enforcement liens for not mowing the lawn).  

For example, I often see Buyers purchase property thinking there is a $1,000 deposit but then the tenant claims it was $2,000 because they paid the last month's rent.

Hi, im thinking of buying a STR in PA(pocono lake, East Stroudsburg, etc) or Upstate NY.