Now before i get into what YOW is, It is important that you know how a corporation of this size works.

Been at this for 18 yrs and have always taken the position:Can't trust the applicant to do this correctly and you may well get last years which is useless.I pay for the reports (cost of business) and get current data from Experian or Trans Union.I pull the CR, BG, Eviction reports ONLY after they pass muster:  Verified employment, income, prior landlord comments, so the expenses are well constrained.I also ignore the FICO score as that's the Banks view and I'm more interested in the 30,60,90 lates as that demonstrates their current habits.

It's really hard to get an idea of cost without someone actually going out to bid the job (not knowing the size, location, grading for the lot, whether you need to add curb cuts to enter this new garage from the street or if it's from the alley, routing utilities, etc).  

Other houses of similar size (2500sqft.) are selling into the low $400k's.  

As per the report of MSME, there are over 36 million small business in india providing employment to over 80 million persons.Small Business Ideas-You can strat small business as a service or manufacturing units.

I have a sizeable 401k from a former employer that needs to be liberated asap, and will be, in the event that access to OPM becomes an impediment to my goals.

Once people find out that a unit of this size became available, 4 bed 2 bath NYC under $600,000, people came flocking.

Do you have an area or size of property you are going to target?

I have self employment income and no w2 employees.

My question is should I sell now ( subject to short term capital gains, self employment taxes) or rent out and sell after the one year hold ( subject to long term capital gains) ?