Are you making extra principal payments each mo th?

Having the same difficulty as Jonathon Smith on finding a decent location.  

Flips sound like I would really enjoy doing them more, but I have extremely limited knowledge in fixing/repairing homes and don't have much extra time to spend doing it, so I think the "fun" part of having a flip I wouldn't be able to participate in and would just have to hire out.

This may work in the long run because it gets the Seller their asking price and gives you the extra money you need to do the work, but you don't have to pay the Seller for years to come.

The taxes are exactly the same and if you compared the two side by side, there would be absolutely no difference between a sole proprietor and an LLC except that lines C and D are filled in on the schedule C with the entity's name and EIN and the LLC will have an additional expense each year of "Business Licenses and Annual Filing Fees"There is nothing wrong with a disregarded entity and there's no reason to go to extra lengths to have it file its own tax return, but if you're bound and determined, here are two options.1.  

It'd be great to see what li dog ROI the extra 3rd story yields.

And 1 extra to hold security deposits.

The buyer would have to pay the extra 10k.

I'm an educator from NYC with a family in tow looking to produce a little extra income (alright, ...maybe a lot extra) during my off time, and I've been browsing around the forums and blogs.

And the city may allow you to split it "in house" without having to take it through the full subdivision planning rigamarole since it will only be 1 extra lot.