If so, what would be the best way to advertise this type pf setup?

The expenses of the mortgage, property taxes & insurance and HOA (if applicable would have to be at or below the number- in this example, $8,000).

I read a bunch of the guidance online but I can't tell exactly how the property is classified once this has been done.

The biggest issue with using this is that leaks don't always show themselves right away so you have to go into the attic to inspect the plywood for signs of leaks.

Me and My brother have found this great office building for sale on the same block as a very expensive private college.

What would you do in this scenario and why?

Hi BiggerPockets fam, I'll keep this post pretty simple. 

Start by reading the Ultimate Real Estate Investing Guide: https://www.biggerpockets.com/guides/ultimate-real-estate-investing-guide/introduction2.

If you use this setup you will be turning passive rental income into active income which means you will pay higher taxes. 

Hi folks, this has been all over the news and social media so I hope it's not a surprise to anyone but I just wanted to cover all the bases.Due to legislation spearheaded by the RI attorney general earlier this year, there is a new RI rental registry in place that requires all rental unit owners (even short term rentals) to register every rental property and rental unit in the state of RI, by October 1, 2024.The website is www.rentalregistry.ri.gov and you will also need to upload a current lead certificate ("Certificate of Lead Conformance") for each rental unit.The demand is so high that lead inspectors are currently booked out into November and December, so I hope you already have lead paint certs for all your units.