Law: Illinois has a law that requires (I believe) the insurance company to give a 'General and Special Taxes & Demolition Expenses' Form (Important info for this issue) to the city when claims/damages are over a certain dollar value.

These include fix & flip and DSCR rental program that don't require tax returns of W-2 jobs, but rather uses your credit and property income to qualify.

Having a mortgage on that home might change some of the answers so just be prepared with how much the property is being rented for, what the taxes and insurance amounts are when you reach out. 

in my world I do it as a secured creditor NOT as an owner so there is no liability the way your thinking about it the risk is the upside.. and since its all gravy to me was not a big risk. its not an easy concept to grasp for most how we set these up. 

Low property tax/lower costs to maintain, etc.3).

If you do a refi-out, reduce your equity by loan proceeds distributed (they're not an income, they're the asset offset related to the loan liability).

self-manage or local company - depending on your personal situation - amount of time you have/strengths in self-management, financial situation, tax implicationsSkip the big management co's - like any big biz they have one priority in mind

Some facts of the house:Location: Nassau County, NY, Town of HempsteadYear built:1929Purchase price: 290,000 in 2013Condition: AverageLot size sqft: 5000Livable sqft: 760I'm seeing several houses in my zip code that have been demolished and rebuilt into new houses with the maximum allowable livable square footage selling between $1.0M- 1.2M.Which is a better option taking into consideration, profit and capital gain tax (assuming my household income of 80K)1) Should I sell this house as is at $450K2) Demolish this house and rebuild it without taking out a loan.

Also unsure about how taxes would play out (see CPA). 

Considering the high property taxes unfriendly laws towards landlords , inventory, and prices here, I’m pondering out-of-state investments for potentially better cash flow.