I am hoping to get two or three properties this way to start my land lording career and continuing to grow as I learn how best to manage tenants and workloads.

I would like to cash out.Should I continue with the approach I'm considering above or is there another option you think will work here?

I still live at home rent free and can continue to do so for another year.

Anything could happen with that developer in that time.Put in a "right to continue marketing" kick out clause where you can hold the developer to the option price but if something better comes along sooner or when year 4 hits they have to match or you can sell to someone else.

Where in upstate is your property and are you looking to continue investing in upstate ny?

One, maybe, two could be ok; however if it does or you plan to continue yes definitely subject to UBIT.

Nevertheless, in response to commenters' requests, the final rule provides a non-exclusive list of methods that issuers may use to satisfy the verification requirement for individual investors.The methods described in the final rule include the following: Reviewing copies of any IRS form that reports the income of the purchaser and obtaining a written representation that the purchaser will likely continue to earn the necessary income in the current year.

In summary Rick you can 1) borrow from mom if you understand the possible consequences and risks of that arrangement 2) borrow from the bank as you appear to have the resources to do so without assistance 3) find a property you can buy all cash with your own funds now or save up and buy a larger property all cash later or 4) continue to seek input from other investors on alternative strategies.

As long as you continue to pay your dues you'll have MLS access.

. :-)Continued success!