I suggest buying a brick building if you go that route- was in a similar situation in 2018 and bought a wood building but wish i had gone with brickstraight up chicago real estate investor podcast is a great way to learn what others are doing all over the city

You have to talk with the seller to see what their situation is and what will work for them.

I'm hoping this framework helps you out as well.1) I assessed impact of garage conversion on the value of the property2) I determined whether it is legal to convert the garage into a living space.3) I assessed the financial viability of the project with available sources of funding.Assessing impact of garage conversion on the value of the propertyBefore I started, I assessed whether the garage conversion would be advantageous for us.

Always ready to learn and network with long term goals of creating everlasting financial literacy and wealth for my family and many future generations that’ll come after I’m gone.

Quote from @Peter Morgan: Peter, you need to cancel this lease and get them out.Seven is the absolute maximum occupancy, but you should be very careful about roommate situations.

The goal is to get financially free and sustained by rental properties asap.

At this point i believe I will be the financial part of the deal, I will handle the DP and the mortgage/HML, he would handle the build (his fee is about 40K) and he has a rental management company as well, and they charge 25% management fee.Just for reference, I am a 60-year-old woman.

Of course, this requires mutual trust and written agreements, but any joint business does.The only situation where a true partnership and an LLC is unavoidable is if you also split costs, not just the fees.

I am hoping to buy within the tristate area (NY, NY, PA) but am open to purchasing out of state if the situation works out, as I may not live here forever.

It may also be beneficial to seek advice from real estate professionals or financial advisors with experience in this type of situation.