Easily rent for $700/month with taxes under $1,800 annually.

Now 4 years ago I got back into REI and am kicking myself for the lost 22 years where I could have easily bought a ton of properties that would have appreciated and easily made me worth more than $10M today.

At first you should figure out what your time frame is and when you need or would like to enter a financing transaction and figure out what each loan product or option requires.Once you have all the options lined up and the requirements for each you can easily execute with confidence.

I do not have the case law to back this up, but I have heard that many times in the event of a lawsuit a single member LLC can be penetrated easily as it is seen as a disregarded pass through entity.

Your CPA should be able to very easily navigate this for tax purposes as well.

When the tenant moves out you could easily check if some damage were caused by him or was there already.  

It would only fulfill the owners needs in a very small percentage of cases.With the low interest rates, relatively easy money, and endless investment capital available today, an attractive property reasonably priced will easily sell so that there’s no inventive for a seller to consider a master lease instead unless the property is deficient in some way or he’s priced way above market.

If your relative is willing to be a leasee and they will easily qualify, you aren’t going to have an issue.  

I know it’s intimidating going into a deal without a team in place, but I can say thru experience that you can get solid leads on contractors pretty easily through a few hours of networking, before you even buy your first deal.

@Dana Sarcona if you’re still looking areas like Secaucus (besides the North End flood zone areas) Rutherford, Lyndhurst and Carlstadt all have good schools, safe neighborhoods with easily accessible public trans to NYC.