Holding a home in joint tenancy with a spouse, the surviving spouse retains the original cost basis on 50% of the home instead of getting a step-up in basis on the entire homeIf you own a home with your child as joint tenants, your child will only receive a step up in basis on your half of the value of the home when you die, this is another complex layer...

Rent out the spare rooms and possibly cut your living expenses to zero, or close to it.

Hello,I am new to the REI and was wondering if was possible to do a Mid term rental in NYC?

@Joe TrampelDefinitely need a cpa to understand your entire situationAlso get an attorney involved as well.

Recently we've discussed about possibly tearing down the house and developing as well to help them with a starting portfolio but we have no clue on how to start.

For an extra possible 50K? 

Well, that's also a possibility but I think my lender will only do 75% LTV which puts my new payment at around $1170 PITI with a $142,000 principle balance. 

Do they possibly work for a company that does 1031 exchanges?

Meanwhile, I think positive cash flow on rentals is definitely possible here (I am just a small time landlord, but have done well on 3 SFH) -- Soaring property taxes are a problem that has hurt our cash flow recently, but costs here are overall still low compared to many cities, while the rental market is extremely tight due to high demand/rents very high. 

I am currently a college student looking to invest in real estate as soon as possible after graduation.