I'd say a savings or money market account is safest.

It is best to do it while you are young because you have time on your side and can make certain life-style choices that might not be possible with a family or other "adult" commitments.

Thus New Rochelle would I think be your best choice assuming.

Other than that, this property was a terrific buy-fix-sell, and Rebecca’s (Ann Lee Interiors) choices by (using Home Depot products) is what really put this house over the top!

It's the existing financing the caliber of the financing means what you can do with the project meaning that if you have an ARM versus a fixed-rate give less choices.

If you truly have a passive role in the rental operation -- that is, you have no say in how your rental is run, no choice in tenant selection, no right to approve repairs and repair expenses, and no say in how and when income is disbursed -- such as a limited partner in a real estate partnership, then you have a passive role in the sense that your CPA is suggesting.

(We asked for 30 year fixed on both but the mortgage broker said it wasn’t a good investment choice, so we did what they said.

Goals and business model would affect your decision.Small multi family units often provide mor ebang for your buck (better cash flow for the cost) and you get multiple doors with only one loan.Down side is the exit strategy is usually limited to investors only where as a SFR can be sold to both end users and investors.Multi familys can offer forced apprciation via increasing income and lowering expenses, but SFR's, if bought at the right time in the right place, can offer better appreciation from property value increases.If you want to ultimatley run a landlording business and earn enough cash flow to support you and your family, multis may be the better choice for you.

Then there is Location--the area of YOUR choice: which adresses the goals you have set for yourself.

Would it be safe to use that lease and just change some things based on my choices (about pets, smoking, etc.) or do most people hire a lawyer to do one from scratch?