I will give you some of my highlights.People in Texas complain about their property taxes at 3% ours are about 4.5%.New York in general and Monroe county specifically are very tenant friendly.Depending  on the town, the code inspectors/police can be quite anal.Since Covid and the 2020 protests we’ve seen an increase in crime in the city and therefore weakening demand in the city proper and increasing demand for the suburbs.Industry is well diversified—University of Rochester (medicine) L3Harris (defense) xerox (IT) and paychex (software/hr)) and relatively recession proof.Population growth is low and therefore appreciation (except the past 4 years) has been moderate as well.There aren’t many builders in the area so supply is relatively fixed.Home (and rent) prices are both affordable with homes typically being less than 1/3 median household income and rent being similarly affordable.For single family homes at 8% rent will cover piti with about 100$ to spare in the A areas.

I do have a full time job that I work as my primary income so this is more for fun/expanding my horizons.

My only income is 1099s, which I write off a majority of it to lower my taxes.

So, I thought I should sell, take the profits and put into high interest account, rent a room for myself for about $1100 per month with all utilities included and that way I can save additional funds for a year.

Form an LLC:Purpose: Establish a separate LLC for the rental portion of the unit.Ownership: Lease the rental space to the LLC, which will handle all rental income and expenses.Lease Agreement:Internal Lease: Create a lease agreement between myself (as the homeowner) and my LLC (as the tenant renting the rental space).

In CA, that also means you're paying an additional $800 franchise tax fee per year.

I don't think I qualify for any conventional or FHA loans as I don't have long enough income history.

These types of loans are not dependent upon your income but more on the cash flow of the property itself.

The building was completely transformed over the next year and a half including a new addition to How did you finance this deal?

You can't deny based on non paycheck income source.