At some point down the road after you and your brother-in-law are RE moguls, you'll want to make sure your assets are under some sort of corporate veil to protect your personal assets from a law suit.Depending on the state, if you do not purchase the property will an LLC, you could be charged transfer and recordation taxes again when you transfer the real property to your LLC or S-Copr, C-Corp, whatever.

Sort of like a sleeper sofa.

And what sort of interest rate?

While other parts of the country ( those that are cash flow driven for SFR's ) or the neighborhoods that are predominately rentals  prices are just trundling along,  in my mind those lower end areas IE housing under 100k through out the mid west and rust belt will really not move unless some sort of subprime ( low credit score not High interest) can come into play that will allow the folks that live in these ares and are renters to move to home ownership..

What sort of systems/automations did you have in place before deciding to quit your 9-5 to pursue your real estate investment business/career!

I would greatly appreciate if someone could provide some sort of input on the Staten Island market and

Building up a real estate empire is a fantastic idea in theory, but in practice unless you're incredibly lucky, you'll be better off putting it in some sort of truly passive investment, like Redfin stock.I believe MOST people here do not realize how problematic real estate investing can be, the degree to which luck plays, how little is truly within one's control, and how inefficient and illiquid the real estate market is. 

Also make sure that your CCRs or HOA allow you to have a long term rental back there and that the thing is not limited to family of some sort.

I am not looking to provide monetary donations to other community programs, but would be willing to invest significantly in some sort of community outreach program of our own. 

There are some instances where it makes sense to file MFS.The big disadvantage to MFS is that it disqualifies you from claiming some of the major tax credits and deductions available to those filing jointly.I would recommend you consult a professional to help you sort it out.Hope that helps.Ed