The ROI on tax tools varies greatly from investor to investor and hinges on several variables, some of which can be objectively analyzed by a real estate tax expert and some of which require some subjective analysis (for which a real estate tax expert can provide valuable context).There are really 2 "no brainer" steps to take to get clarity for an informed decision:1 - Read Michael Plaks' posts about this topic.

It may be necessary to modify your renovation budget in light of local market prices.In conclusion, house hacking in NYC requires careful consideration and research.

I just read as much as I could to make sure it was worth it in my situation.

Is there anything tax related I have to take care of before the next tax season, or can I just open the necessary accounts and get started?

It's funny... beginners read all the literature written about the housing market from 3 years ago and they say, 1% rule, lots of cash flow, but don't realize none of that works when the housing prices have doubled the last 2 years, as have interest rates.  

I like the idea, gonna read a little more and give it a try!

They would rather read books or watch USLESS videos I wish you success in your venture  

In the future, either make sure it's taken care of before they move in or have a trusted boots-on-the-ground team member who can take care of it for you. 

If it were me it would have been taken care of last time.

Not to mention you will be sharing the profit with those you care about.