Oh, be sure to understand your landlord rights also...not sure if NY is tenant or landlord friendly but I would just make sure you understand what is involved should you need to evict. 

No real estate agents involved.

These legal forms just basically involve the owner and the tenant verifying what is stated on the lease is what is actually happening and that the tenants are current on their rent- Once you take ownership and introduce yourself make sure you let the tenants know your preferred method of contact. 

I'm working on establishing an LLC and I would like to know what SIC code is most closely related to a business focused on acquiring buy and hold properties with very little involvement in wholesaling while not getting my business flagged as high risk by lenders.

I have never been involved on anything of this sort, how doable and cost effective would it be compared to buy/renovate,  any thoughts?

@Nancy B.The DMSH is less an expensing election and more a book conformity election.There's a concept involved in the DMSH and other areas of the capital expenditure code section and regs called "units of property".You don't examine each line item on a receipt, you examine "units of property".Buildings are called out under the units of property regs as having special treatment. 

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

in Marion County as well as most counties in the United States that I have been aware of there are habitability standards that are the requirement of the owner. in Indianapolis those standards are almost exactly the same as the Section 8 standards the difference is that the only time the county or city gets involved is if they happen to drive past or if they have a complaint.

Also the notion that you need a bunch of money to get involved is also ridiculous. 

That's the beauty of that measure - whether they get paid every year, on in a single distribution at the end, the value of the investment is (theoretically) the same because the IRR is the same.This is with someone who is well known to me, though, with a small number of people involved ...