You have the resources to know what you’re doing and for renovations your dad I’m sure could put a great scope of work together. 

It is nearly impossible to follow NYC's requirements and run a proper housing business.

However, it’s important to ensure that the deed is properly recorded with the county recorder’s office to make the transfer official.

Having reasonable expectations, hiring a local professional (Realtor or PM), doing your research, and doing everything right (i.e. pro photos, professional design, good renovation, proper amenities and location, etc) are the keys to success in 2025.

I have had a good experience with Proper Insurance.   

Take time to learn through military-focused resources like Military House Hacking or Active Duty Passive Income, and connect with other military investors online or on base.

I do not have many resources, but I am comfortable taking some risk and relying on my intelligence and research.

.- Maintain proper records, such as contracts, settlement statements, and promissory notes.

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

BiggerPockets is full of resources designed to help you along your journey, whether you are just getting started or a seasoned investor.