If so, you buy in Teddy LLC, and then sell to Teddy individually, the spread will be taxable ordinary income plus self employment tax, as the profit passes thru the LLC to you, unless the LLC is taxed as a Sub S.

In addition to the local market appeal of Manhattan being a major employment center, a destination frequented by tourists, and severely space-constrained, international investors (the Chinese in particular) like to hold NYC real estate as a place to park their money.

I was recently let go and I realize that I want to create multiple streams of income for myself rather than relying on an employer.

Im all over the place on what to do: Allure, Tile, Wood Tile, Wood Laminate, New Vinyl Planks. 

I have no experience in mortgages (as I never had one) and I know that most of the big banks will probably not give me any loans (I have very limited employment history).

I will never mess with mobile homes again but I can definitely see the allure from a numbers perspective.So we got started, the buyer moved in, and for a good while things ran ok.

All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed to permit an unlicensed person to sell, lease, or let real estate, the beneficial title to which has not, in good faith, passed to such party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or proceedings had or taken under this chapter; however, this section shall not apply to irrevocable gifts, to unconditional contracts to purchase, or to options based upon a substantial consideration actually paid and not subject to any agreements to return or right of return reserved.So, if your "teacher", "mentor" or whatever else they claim to be is proposing using contracts to broker real estate without being licensed or owning the property, they are teaching ILLEGAL practices at YOUR expense.

They have provided details of current tenancy in the foreign country as well as pay stubs from their international employer.

My goal was to increase my savings from the income produced from my current employer for 4-5 months to use for a down payment, acquire a property, and essentially live rent free, mortgage free, and develop an income stream. 

We have had good and bad posted here about the DF Act and SAFE Act, I did listen to any attorney seminar (D-F expert, but not really) that broke it down quite well for investors, except that he went on to employ trusts, business entities, family members and other types of convoluted exchanges to justify staying within the exemptions.