The reason I say this is that with a 5+ unit a lender will evaluate based on NOI and a cap rate, so adding a 5th unit COULD (or could not) substantially increase the value of the building and make it worthwhile to refinance and pay off the existing loan (that is tied to the "old" quad) anyway.

Although the tenant initiated the payment on 12/31/2024, the funds didn’t reach your account until 1/6/2025, making it 2025 income.

Pay attention to realtors who are wanting to provide value and provide resources and make time for your inquiries without ever expecting anything from you in return.

What have you been paying for utilities?

If you want to keep it, then would you refinance that new build to pay back the HELOC? 

My initial interest in out-of-state investing stems from the high cost of multifamily properties in New York and the state’s renter-friendly laws.

Wealth-drivers are appreciation, debt pay-down (ie. principal payments) and tax shielding.

•Business Cards & Branding: You can list both services, but if you want to avoid overwhelming potential clients, consider having two versions—one focused on PM and one on real estate sales, depending on who you’re targeting.Best Way to Generate Property Management Leads1.Target Landlords Where They Need You Most•Most landlords seek out PM services when they’re in trouble—tenants not paying, evictions, property damage, etc.

Someone told me I’m crazy since they still always pay. 

Ultimately, you will need to have the borrowed funds in USD and ideally in your US business entity bank account to sail through underwriting with US lenders on US properties.Caveat: the rates will likely be something like 10-12% so it would not make sense on a long-term holding, more like on a down payment on a purchase and rehab value-add project that you will eventually sell (or cash-out refinance) to pay off the borrowed funds in a few months.