I am not 100% certain of/if there is any tax benefit(s) but given my plan to hold forever it seems like having everything under one umbrella makes the most sense in the long term.

Again, I inherited this tenant from the sale, but they have always paid a day early, seem to keep the unit and area tidy, and don't really complain much.

.) $160 / sq ft seems reasonable IF you were GC'ing the project yourself, but it doesn't seem like there could possibly be much room in there for a GC to make a decent profit.

As an example, here's a property I found in a quick 5 minute search of Zillow: http://www.zillow.com/homedetails/306-Landon-St-Bu...A price of $39,900 is almost unmatchable by anything in my local market, and assuming this property could be easily rented (I'm not familiar with the market in Buffalo so obviously that could be a naive assumption), then it should seemingly be easy enough to get a strong ROI on this property.

After reading Multifamily Millionaire and The House Hacking Strategy, it seems like the tendency is to do a FHA 3.5% loan.

@Brett Dudley It seems to me that the poster has asked two consecutive questions about how the tax rules are affected by the short term (7 days or less - ie his reference to airbnb) and long term (31 days or more).

Seems like they want your rental properties in an LLC.   

Seems about right, but I will add that you have 30 days window when looking for a mortgage to have multiple hard credit pulls. 

It seems like you are out of state, so if you go to facebook and search for "Ohio Real Estate Investors" or something similar to that you will see several real estate group pages.  

Or did you just want these paintings and parking them in you rental for a couple years seemed like a good way to get a tax write off?