If I sold it my plan would be to take proceeds and invest in multiple lower cost rentals that would probably bring a better return.                                                                                                       

It's important for me to control any lending situation that I enter -- whether it be a note or a hard money loan -- and the amount I would have to fund in NYC either would require me to bring in other investors, and thus lose control,  or would require me to tie up too much money in one note, which would be disastrous given the lag to a foreclosure. 

@Matthew Avery you bring up a lot of good points here.

However, foreign LLCs cannot bring a suit without registering. 

This is also a great tool to use to triangulate which home the "bring beer for password" network is coming from. try adjusting the wifi channel on your router and test to see how it compares. google, "how to optimize wifi channel" for more detailed how-to.

Hey Account Closed, you bring up an excellent point.

Depending on the type of financing and your financial strength, you may have to bring someone in beside you to guaranty the loan (assuming you can't find a non-recourse loan)

Only bringing in 0.8% rent to 'value' if it is worth 6.4 million.

My question is, would we be better off renovating the garage to bring the home to 3000 ft of living space, 3 br, 3 ba and refinancing to have money for the next deal, or just going out and trying for a completely new deal?

In other words, $70K cash flow divided 15% (presumably a good ROI) equals a bit over $450K.The above information brings me to my question…Do I use the $50K I have in cash to buy a duplex (I’m looking at a $200K duplex now) and use the $6K monthly income from my business to build my real estate holdings over time or do I sell the business and start my rental portfolio with potentially $500K?