I’m scared to rent my second floor unit because I have kids.

I’ve updated windows, doors, instant hot water heater, roof, ac, bathroom, and flooring.

Built in 1920, and has some scary looking walls and floors.

My tenant renting a room on the first floor brought a in code inspector in my basement apt where I live with out my permission.

One unit upstairs rents for $450.00 one bedroom one bath. 2 units on the Ground floor rents for $500.00 each . both have two bedrooms and one bath.Roof replaced in 2019 , leach field replaced in 2019.

Flooring, paint, counter tops, back splashes, bathroom updating, fixtures and other finishing touches.

That includes principle, interest, taxes, and insurance as well.We have spent about $8,500 in repairs and upgrades including - revamping the landscaping, having the brick and siding professionally painted, installing new stained cedar posts and shutters, installing a new privacy fence and having it stained, removed popcorn ceilings, redid the taping/bedding, retextured, had the inside walls and ceiling professionally painted, installed a new cedar beam in the living area, new custom blinds for all windows, all new light fixtures and ceiling fans, brand new stainless steel appliances (range with double oven, dishwasher, microwave vent hood, and new refrigerator - all GE brand) Floors are in good not great shape (tile in kitchen and dining room and single bathroom, laminate in living room and hallway, carpet in both bedrooms) and would be the only other possible upgrade we would consider.

My floors wear out in 10 years.

I live in Westchester County, NY, and I am considering taking a room in the corner of my house on the first floor and turning it into a rental.The infrastructure is already in place where I would only have to put up a few walls to keep it separated from the rest of my house, but it is a large room with a closet and bathroom that I would like to rent out.It may not be much but I feel like this would be a step in the right direction and a good way to practice being a landlord.My question is: What kind of tax implication would this have on me?

The kitchen is partially done, new laminate floors, 3 bathrooms needs updating, no blinds on the windows, needs interior repaint.