This can work, but there is a potential pitfall: assumptions.NOTE: I am not an attorney or business advisor.

Initially, we plan to invest in lower-risk opportunities such as arbitrage to gain a better understanding of the market.

Hi BP, Anyone have experience in dealing with Ridgefield Park Planning board?

Please correct me if im wrong.That said it seems the airbnb short term rental business is doing okay (some cash flow?).

I don't want to take on too many, but just enough to bring in supplemental income to continue with my investment plans.  

I could throw up a site and say I'm XYZ business. 

Think of it more as being an owner-operator of a small hotel if anything, it's much more of a hands-on business.

So have to ask yourself your holding plan.

How should I set up my business structure so that income from my rentals doesn’t increase my personal income reported to the IRS?

Hey @Laura Casner, I agree with others to use the local real estate and find out what others are paying.I would call an agent and give them some specs on the house you are planning and the location and they should be able to give you some decent idea of insurance cost.I would budget a bit more for repairs and maintenance for the first year after the build.