@Lynnette E. thank you for the input.  

It took me many 'rookie' mistakes, or using your term 'trial by fire' losses before I realized that its just not worth trying to be a jack of all trades investor.   

It is the trade off over a SFH for some tenants.Hope this helps and good luck!

If you use it and claim it as an investment, you'd need a schedule E to report rents and likely a Schedule C for the "business" reporting. 

Hi all,General question, I have around $50K that I don't want to keep in cash with inflation and all uncertainty, with the market as hot as it gets what would be a good investment idea that I can execute quickly to park the cash in a safe haven? 

Cash out refinance the property (trading equity for debt) and pay out the cash to yourself and your business partners.2.

:@Nathan G.I'm having trouble finding 1613 E 83rd St on Google Maps, Nathan. 83rd Street seems to be in East St.

As you and others will not this comes with trade off's and only you can decide if that is right for your model.  

I don't know that you would necessarily have to use specific trades people to actually do the work.

Start learning about different trades and get familiar with the closest community college.