Need advice on rental property that we inherited in New York

Member since 2026 · 3 posts · 3 votes

Hi everyone! I could really use some advice from people who have been in a similar situation.

I recently inherited a single-family home in New York, but I currently live in Florida. My goal is to renovate it, get it rental-ready, and hopefully use it as the foundation for building a real estate investment portfolio for my family’s future.

Before it’s ready to rent, we need to completely redo the kitchen and install new flooring throughout the house, along with a few other updates. Managing a renovation from over 1,000 miles away has definitely been challenging.

For those of you who have successfully renovated an out-of-state property, what worked best for you? Did you hire a general contractor to oversee everything, rely on a property manager, make frequent trips, or use another approach? How did you keep the project on schedule, stay within budget, and make sure the quality of the work was good?

I’d really appreciate hearing about your experiences, any lessons you learned, and things you wish you had done differently. My hope is that this rental will be the first step toward investing in more properties over time and creating long-term financial security for my family.

Thanks in advance for any advice you’re willing to share!

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James JonesPro Member

Investor · Collierville, TN 38017 · Member since 2017 · 891 posts · 624 votes

3mo

Before any of the reno questions, one gut check: does this property actually make sense as your first rental, or does it just happen to be the one you inherited?

Inheriting it means your basis stepped up to today's value, so you can sell with little or no tax and take clean cash to buy something closer to you and better suited to renting. Managing a gut reno 1,000 miles out, as your very first project, in a tenant-friendly state you don't know, is the hardest possible way to start. Sometimes the right move is to take the gift as cash and start on your own terms. Worth pricing out both paths before you sink money into that kitchen.

If you keep it, here's what actually matters out of state.

Your GC is the whole game. Not the property manager, not the trips. A PM leases and manages, they don't run a renovation. You need a real GC and you need to vet them like you're hiring an employee, because you are. Licensed, insured, references you actually call, and go see a current job site if you can send someone. The cheap bid from a thousand miles away is a trap. You can't drop by to catch problems, so you're buying trust, not price.

Never pay ahead of work. Deposit to start, then draws tied to completed and inspected stages. The fastest way to lose money remote is funding a job faster than it gets built, then the guy stalls and you've got no leverage.

You need boots on the ground that aren't the GC. Someone whose only job is to walk in and tell you what's real. An inspector for milestone checks, or hire your own PM early just to be your eyes. The GC's progress photos always look great. What kills remote jobs is the stuff nobody photographs.

On scope, be careful renovating to your taste from Florida. You're not living there. Mid-grade LVP, durable finishes, neutral everything, built to rent and take abuse, not to impress you on a video call. New investors overspend on out of state units they never see because they're emotionally decorating instead of underwriting.

And know the New York piece before you commit. Which market, upstate versus downstate, changes everything. Some of it is genuinely rough on landlords, long evictions, strong tenant protections, and the local rules vary a lot town to town. Before you spend a dollar on that kitchen, know exactly what renting and, if it comes to it, removing a tenant looks like where this house actually sits.

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Abel CurielBusiness Member
Real Estate Agent · Queens, NY · Member since 2016 · 2k+ posts · 1k+ votes
3mo
Quote from @Anthony Dunagan:

Hi everyone! I could really use some advice from people who have been in a similar situation.

I recently inherited a single-family home in New York, but I currently live in Florida. My goal is to renovate it, get it rental-ready, and hopefully use it as the foundation for building a real estate investment portfolio for my family’s future.

Before it’s ready to rent, we need to completely redo the kitchen and install new flooring throughout the house, along with a few other updates. Managing a renovation from over 1,000 miles away has definitely been challenging.

For those of you who have successfully renovated an out-of-state property, what worked best for you? Did you hire a general contractor to oversee everything, rely on a property manager, make frequent trips, or use another approach? How did you keep the project on schedule, stay within budget, and make sure the quality of the work was good?

I’d really appreciate hearing about your experiences, any lessons you learned, and things you wish you had done differently. My hope is that this rental will be the first step toward investing in more properties over time and creating long-term financial security for my family.

Thanks in advance for any advice you’re willing to share!

Hello Anthony,
Your best bet would be to have someone you can rely on to regularly check the property and manage the project. I believe there are independent project managers you can hire for something like this.
HUD consultants can help review the contractor's scope of work and make sure it is accurate. Not sure if they also offer project management assistance, but happy to reach out to someone on your behalf or make an intro
Regardless of the route you choose, many recommend taking your time when hiring a GC. Check to see if they're licensed, bonded, and insured. Ask questions about the current workflow to ensure they'll have enough workers for your project. If possible, establish a pay schedule that aligns with the scope of work (HUD consultants can help with this). If you find someone reputable and reliable, you'll likely pay on the higher end, but you'll sleep better at night.
All the best!
Abel
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- Anthony Dunagan
  OP
  Member since 2026 · 3 posts · 3 votes
  3mo
  @Abel Curiel
  
  Thank you so much for taking the time to write such a thoughtful response. I really appreciate all of the advice. I hadn’t even considered working with a HUD consultant, so that’s definitely something I’m going to look into.
  
  Being in Florida while the property is in New York is my biggest concern, so having someone trustworthy oversee the project would give me a lot more peace of mind. I also completely agree that it’s worth taking the time to find the right GC instead of just the cheapest one.
  
  If you’re willing to make an introduction or point me toward someone you’ve worked with, I’d be incredibly grateful. Thanks again for sharing your experience, it really helps!
  1 Reply
Vijay FriedmanBusiness Member
Miami, FL · Member since 2026 · 766 posts · 124 votes
3mo
Quote from @Anthony Dunagan:

Hi everyone! I could really use some advice from people who have been in a similar situation.

I recently inherited a single-family home in New York, but I currently live in Florida. My goal is to renovate it, get it rental-ready, and hopefully use it as the foundation for building a real estate investment portfolio for my family’s future.

Before it’s ready to rent, we need to completely redo the kitchen and install new flooring throughout the house, along with a few other updates. Managing a renovation from over 1,000 miles away has definitely been challenging.

For those of you who have successfully renovated an out-of-state property, what worked best for you? Did you hire a general contractor to oversee everything, rely on a property manager, make frequent trips, or use another approach? How did you keep the project on schedule, stay within budget, and make sure the quality of the work was good?

I’d really appreciate hearing about your experiences, any lessons you learned, and things you wish you had done differently. My hope is that this rental will be the first step toward investing in more properties over time and creating long-term financial security for my family.

Thanks in advance for any advice you’re willing to share!

@Anthony Dunagan
That's a great opportunity to start building a portfolio. For an out-of-state renovation, having a reliable local GC and setting up regular photo or video updates can make a huge difference. If possible, I'd also build in a contingency for both budget and timeline since managing a project remotely usually comes with a few surprises. Best of luck with the renovation!
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Denise SuppleeBusiness Member
Realtor · Willow Grove, PA · Member since 2017 · 1k+ posts · 659 votes
3mo
Congratulations to your family. From my experience, I wouldn't want to manage a renovation from that far away without someone local that I really trusted. I'd also want regular updates with photos and to make sure everything was clearly spelled out before the work began. Good communication can save a lot of headaches.Wishing you much success with your first rental!

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James JonesPro Member
Investor · Collierville, TN 38017 · Member since 2017 · 891 posts · 624 votes
3mo
Before any of the reno questions, one gut check: does this property actually make sense as your first rental, or does it just happen to be the one you inherited?

Inheriting it means your basis stepped up to today's value, so you can sell with little or no tax and take clean cash to buy something closer to you and better suited to renting. Managing a gut reno 1,000 miles out, as your very first project, in a tenant-friendly state you don't know, is the hardest possible way to start. Sometimes the right move is to take the gift as cash and start on your own terms. Worth pricing out both paths before you sink money into that kitchen.

If you keep it, here's what actually matters out of state.

Your GC is the whole game. Not the property manager, not the trips. A PM leases and manages, they don't run a renovation. You need a real GC and you need to vet them like you're hiring an employee, because you are. Licensed, insured, references you actually call, and go see a current job site if you can send someone. The cheap bid from a thousand miles away is a trap. You can't drop by to catch problems, so you're buying trust, not price.

Never pay ahead of work. Deposit to start, then draws tied to completed and inspected stages. The fastest way to lose money remote is funding a job faster than it gets built, then the guy stalls and you've got no leverage.

You need boots on the ground that aren't the GC. Someone whose only job is to walk in and tell you what's real. An inspector for milestone checks, or hire your own PM early just to be your eyes. The GC's progress photos always look great. What kills remote jobs is the stuff nobody photographs.

On scope, be careful renovating to your taste from Florida. You're not living there. Mid-grade LVP, durable finishes, neutral everything, built to rent and take abuse, not to impress you on a video call. New investors overspend on out of state units they never see because they're emotionally decorating instead of underwriting.

And know the New York piece before you commit. Which market, upstate versus downstate, changes everything. Some of it is genuinely rough on landlords, long evictions, strong tenant protections, and the local rules vary a lot town to town. Before you spend a dollar on that kitchen, know exactly what renting and, if it comes to it, removing a tenant looks like where this house actually sits.
2 Reply
- Rebecca Willett
  Contractor · Hoosick Falls, NY · Member since 2023 · 27 posts · 5 votes
  3mo
  Quote from @James Jones:
  
  Before any of the reno questions, one gut check: does this property actually make sense as your first rental, or does it just happen to be the one you inherited?
  
  Inheriting it means your basis stepped up to today's value, so you can sell with little or no tax and take clean cash to buy something closer to you and better suited to renting. Managing a gut reno 1,000 miles out, as your very first project, in a tenant-friendly state you don't know, is the hardest possible way to start. Sometimes the right move is to take the gift as cash and start on your own terms. Worth pricing out both paths before you sink money into that kitchen.
  
  If you keep it, here's what actually matters out of state.
  
  Your GC is the whole game. Not the property manager, not the trips. A PM leases and manages, they don't run a renovation. You need a real GC and you need to vet them like you're hiring an employee, because you are. Licensed, insured, references you actually call, and go see a current job site if you can send someone. The cheap bid from a thousand miles away is a trap. You can't drop by to catch problems, so you're buying trust, not price.
  
  Never pay ahead of work. Deposit to start, then draws tied to completed and inspected stages. The fastest way to lose money remote is funding a job faster than it gets built, then the guy stalls and you've got no leverage.
  
  You need boots on the ground that aren't the GC. Someone whose only job is to walk in and tell you what's real. An inspector for milestone checks, or hire your own PM early just to be your eyes. The GC's progress photos always look great. What kills remote jobs is the stuff nobody photographs.
  
  On scope, be careful renovating to your taste from Florida. You're not living there. Mid-grade LVP, durable finishes, neutral everything, built to rent and take abuse, not to impress you on a video call. New investors overspend on out of state units they never see because they're emotionally decorating instead of underwriting.
  
  And know the New York piece before you commit. Which market, upstate versus downstate, changes everything. Some of it is genuinely rough on landlords, long evictions, strong tenant protections, and the local rules vary a lot town to town. Before you spend a dollar on that kitchen, know exactly what renting and, if it comes to it, removing a tenant looks like where this house actually sits.
  
  Spot on advice, James. Your point about the stepped-up basis gut-check is an incredible piece of underwriting advice that most operators completely overlook.Having spent extensive time managing high-volume disaster reconstructions and complex permitting pipelines from the ground following major hurricanes in Louisiana and Southwest Florida, I can 100% confirm your warnings. The cheap bid from 1,000 miles away is an absolute trap, and progress photos always lie.The only way to survive a remote New York build is having a systemized field manager who acts as an operational shield—running strict milestone draws, controlling the material logistics in-house, and executing a fast-tracked timeline to stop holding costs from eating the equity.We run our Upstate New York turns exactly on this systematic model to protect out-of-state capital. Excellent breakdown here!
  0 Reply
- James JonesPro Member
  Investor · Collierville, TN 38017 · Member since 2017 · 891 posts · 624 votes
  2mo
  Quote from @Rebecca Willett:
  
  Quote from @James Jones:
  
  Before any of the reno questions, one gut check: does this property actually make sense as your first rental, or does it just happen to be the one you inherited?
  
  Inheriting it means your basis stepped up to today's value, so you can sell with little or no tax and take clean cash to buy something closer to you and better suited to renting. Managing a gut reno 1,000 miles out, as your very first project, in a tenant-friendly state you don't know, is the hardest possible way to start. Sometimes the right move is to take the gift as cash and start on your own terms. Worth pricing out both paths before you sink money into that kitchen.
  
  If you keep it, here's what actually matters out of state.
  
  Your GC is the whole game. Not the property manager, not the trips. A PM leases and manages, they don't run a renovation. You need a real GC and you need to vet them like you're hiring an employee, because you are. Licensed, insured, references you actually call, and go see a current job site if you can send someone. The cheap bid from a thousand miles away is a trap. You can't drop by to catch problems, so you're buying trust, not price.
  
  Never pay ahead of work. Deposit to start, then draws tied to completed and inspected stages. The fastest way to lose money remote is funding a job faster than it gets built, then the guy stalls and you've got no leverage.
  
  You need boots on the ground that aren't the GC. Someone whose only job is to walk in and tell you what's real. An inspector for milestone checks, or hire your own PM early just to be your eyes. The GC's progress photos always look great. What kills remote jobs is the stuff nobody photographs.
  
  On scope, be careful renovating to your taste from Florida. You're not living there. Mid-grade LVP, durable finishes, neutral everything, built to rent and take abuse, not to impress you on a video call. New investors overspend on out of state units they never see because they're emotionally decorating instead of underwriting.
  
  And know the New York piece before you commit. Which market, upstate versus downstate, changes everything. Some of it is genuinely rough on landlords, long evictions, strong tenant protections, and the local rules vary a lot town to town. Before you spend a dollar on that kitchen, know exactly what renting and, if it comes to it, removing a tenant looks like where this house actually sits.
  
  Spot on advice, James. Your point about the stepped-up basis gut-check is an incredible piece of underwriting advice that most operators completely overlook.Having spent extensive time managing high-volume disaster reconstructions and complex permitting pipelines from the ground following major hurricanes in Louisiana and Southwest Florida, I can 100% confirm your warnings. The cheap bid from 1,000 miles away is an absolute trap, and progress photos always lie.The only way to survive a remote New York build is having a systemized field manager who acts as an operational shield—running strict milestone draws, controlling the material logistics in-house, and executing a fast-tracked timeline to stop holding costs from eating the equity.We run our Upstate New York turns exactly on this systematic model to protect out-of-state capital. Excellent breakdown here!
  
  Thanks Rebecca, and coming from someone who's run disaster recon at volume that means something. "Progress photos always lie" is the line every remote investor should tattoo somewhere. The photo shows the one corner that's done, never the three that aren't.
  
  Your point about the field manager as an operational shield is the piece I'd underline for anyone reading. That's the whole game out of state, someone on the ground whose only loyalty is to you, enforcing the draws and actually laying eyes on the work. Without that you're just wiring money toward a jobsite you can't see and hoping.
  
  Good stuff.
  0 Reply
- Rebecca Willett
  Contractor · Hoosick Falls, NY · Member since 2023 · 27 posts · 5 votes
  2mo
  Quote from @James Jones:
  
  Quote from @Rebecca Willett:
  
  Quote from @James Jones:
  
  Before any of the reno questions, one gut check: does this property actually make sense as your first rental, or does it just happen to be the one you inherited?
  
  Inheriting it means your basis stepped up to today's value, so you can sell with little or no tax and take clean cash to buy something closer to you and better suited to renting. Managing a gut reno 1,000 miles out, as your very first project, in a tenant-friendly state you don't know, is the hardest possible way to start. Sometimes the right move is to take the gift as cash and start on your own terms. Worth pricing out both paths before you sink money into that kitchen.
  
  If you keep it, here's what actually matters out of state.
  
  Your GC is the whole game. Not the property manager, not the trips. A PM leases and manages, they don't run a renovation. You need a real GC and you need to vet them like you're hiring an employee, because you are. Licensed, insured, references you actually call, and go see a current job site if you can send someone. The cheap bid from a thousand miles away is a trap. You can't drop by to catch problems, so you're buying trust, not price.
  
  Never pay ahead of work. Deposit to start, then draws tied to completed and inspected stages. The fastest way to lose money remote is funding a job faster than it gets built, then the guy stalls and you've got no leverage.
  
  You need boots on the ground that aren't the GC. Someone whose only job is to walk in and tell you what's real. An inspector for milestone checks, or hire your own PM early just to be your eyes. The GC's progress photos always look great. What kills remote jobs is the stuff nobody photographs.
  
  On scope, be careful renovating to your taste from Florida. You're not living there. Mid-grade LVP, durable finishes, neutral everything, built to rent and take abuse, not to impress you on a video call. New investors overspend on out of state units they never see because they're emotionally decorating instead of underwriting.
  
  And know the New York piece before you commit. Which market, upstate versus downstate, changes everything. Some of it is genuinely rough on landlords, long evictions, strong tenant protections, and the local rules vary a lot town to town. Before you spend a dollar on that kitchen, know exactly what renting and, if it comes to it, removing a tenant looks like where this house actually sits.
  
  Spot on advice, James. Your point about the stepped-up basis gut-check is an incredible piece of underwriting advice that most operators completely overlook.Having spent extensive time managing high-volume disaster reconstructions and complex permitting pipelines from the ground following major hurricanes in Louisiana and Southwest Florida, I can 100% confirm your warnings. The cheap bid from 1,000 miles away is an absolute trap, and progress photos always lie.The only way to survive a remote New York build is having a systemized field manager who acts as an operational shield—running strict milestone draws, controlling the material logistics in-house, and executing a fast-tracked timeline to stop holding costs from eating the equity.We run our Upstate New York turns exactly on this systematic model to protect out-of-state capital. Excellent breakdown here!
  
  Thanks Rebecca, and coming from someone who's run disaster recon at volume that means something. "Progress photos always lie" is the line every remote investor should tattoo somewhere. The photo shows the one corner that's done, never the three that aren't.
  
  Your point about the field manager as an operational shield is the piece I'd underline for anyone reading. That's the whole game out of state, someone on the ground whose only loyalty is to you, enforcing the draws and actually laying eyes on the work. Without that you're just wiring money toward a jobsite you can't see and hoping.
  
  Good stuff.
  
  Completely agree, James. The gap between a 'progress photo' and real operational completion is where remote capital gets crushed.
  When you're running projects from afar, you aren't just paying for sticks and bricks—you're paying for predictability. If your ground manager isn't ruthlessly tracking the raw material delivery timelines, verifying the subfloor prep line-by-line before the finish flooring drops, and ensuring the trade sequencing stays tight, your holding costs will eat your margins alive every single time.
  An operational shield on the dirt isn't a luxury for out-of-state assets; it's a mandatory risk mitigation step to protect the equity. Appreciate you dropping your insights on the thread!
  0 Reply
Jimmy LieuBusiness Member
Real Estate Agent · Columbus, OH · Member since 2019 · 3k+ posts · 2k+ votes
2mo
Quote from @Anthony Dunagan:

Hi everyone! I could really use some advice from people who have been in a similar situation.

I recently inherited a single-family home in New York, but I currently live in Florida. My goal is to renovate it, get it rental-ready, and hopefully use it as the foundation for building a real estate investment portfolio for my family’s future.

Before it’s ready to rent, we need to completely redo the kitchen and install new flooring throughout the house, along with a few other updates. Managing a renovation from over 1,000 miles away has definitely been challenging.

For those of you who have successfully renovated an out-of-state property, what worked best for you? Did you hire a general contractor to oversee everything, rely on a property manager, make frequent trips, or use another approach? How did you keep the project on schedule, stay within budget, and make sure the quality of the work was good?

I’d really appreciate hearing about your experiences, any lessons you learned, and things you wish you had done differently. My hope is that this rental will be the first step toward investing in more properties over time and creating long-term financial security for my family.

Thanks in advance for any advice you’re willing to share!
Since you're that far away, I'd lean toward hiring a good general contractor with a solid local reputation rather than trying to manage multiple trades yourself. The biggest thing that helped me with out-of-state projects was having clear scopes of work, fixed-price bids whenever possible, and scheduled walkthroughs over video every week. I also like tying payments to completed milestones instead of paying too much upfront. If you have someone you trust locally, even if it's just a friend who can stop by once in a while, having another set of eyes can be incredibly valuable. One lesson I learned is not to rush the contractor selection process. The right contractor can save you far more money and stress than negotiating the cheapest bid. If your long-term goal is to build a portfolio, getting good systems and a reliable local team in place now will make every future project much easier.
[email protected]614-300-7535
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Anthony Dunagan
OP
Member since 2026 · 3 posts · 3 votes
2mo
Thank you, I really appreciate you taking the time to share your experience. That’s all very helpful advice. A couple of questions for you, if you don’t mind: * When you say “good general contractor,” what qualities or red flags do you look for before hiring one? * How do you usually structure your milestone payments? * How often did you run into unexpected change orders, and is there anything you did to minimize them? * Did you find it was worth paying a little more for a contractor with a better reputation? * Looking back, is there anything you wish you had done differently on your first out-of-state renovation? I’d love to learn from your experience so I can avoid some of the mistakes that are common with projects like this. Thanks again!
0 Reply
James JonesPro Member
Investor · Collierville, TN 38017 · Member since 2017 · 891 posts · 624 votes
2mo
Well put, Rebecca. "Paying for predictability" is exactly it. The sticks and bricks are the cheap part, the expensive part is knowing they got installed in the right order, on time, without you flying in to check.

The trade-sequencing point especially. That's the one that's invisible from a photo and murder on the budget. Finish flooring going in before the subfloor's right, or a trade showing up before the one ahead of it finished, and now you're paying twice and eating weeks. On the ground someone catches it in real time. From 1,000 miles out you find out at the walkthrough when it's too late and too expensive.

Appreciate the back-and-forth on this one. Good thread.
0 Reply
- Rebecca Willett
  Contractor · Hoosick Falls, NY · Member since 2023 · 27 posts · 5 votes
  2mo
  Quote from @James Jones:
  
  Well put, Rebecca. "Paying for predictability" is exactly it. The sticks and bricks are the cheap part, the expensive part is knowing they got installed in the right order, on time, without you flying in to check.
  
  The trade-sequencing point especially. That's the one that's invisible from a photo and murder on the budget. Finish flooring going in before the subfloor's right, or a trade showing up before the one ahead of it finished, and now you're paying twice and eating weeks. On the ground someone catches it in real time. From 1,000 miles out you find out at the walkthrough when it's too late and too expensive.
  
  Appreciate the back-and-forth on this one. Good thread.
  I completely agree, James, and you hit on a major industry blind spot. It is easy to expect beginners to make these scheduling mistakes, but the reality is that even veteran investors frequently disrupt their own project timelines by failing to organize their trade sequencing.
  
  This is exactly where most investors fail. They make the critical mistake of viewing contractors as cheap manual labor rather than realizing the true strategic insight and value they provide. In an attempt to save money, they try to piece the job together task-by-task in the wrong order—like rushing into interior finish details before the specialized plumbing or electrical rough-ins are completely validated. It creates massive, expensive setbacks where walls have to be opened back up, completely wiping out any upfront savings and costing twice as much in additional labor and material corrections.
  
  These financial traps could be completely avoided through strict due diligence, upfront education, and intensive layout planning before a project ever begins. Real estate execution isn't just about managing capital; it is about respecting the physical workflow of the building and the operational expertise required to guide it. Truly appreciate your perspective on this thread!
  0 Reply
Alisha Jennings
Investor · Member since 2019 · 6 posts · 0 votes
2mo
Hi Anthony, Where in NY is the property located?
0 Reply
Mendy J.
Investor · NY · Member since 2026 · 121 posts · 42 votes
2mo
You gotta find a trustworthy contractor. I would suggest you only to proceed once you have someone good.
now regarding the tenant friendly laws, it really depends if it's in the city or upstate the city is a total different game, there it can take you up to two years to for eviction unlike upstate it varies by county but nonpayment eviction usually it takes between two and three months. anyhow you'll need to study the laws really good
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