Quote from @Samuel Choi: @Chris SeveneyWow that is serious so how can I present the benefits of owner finance I never try and explain the benefits.

Assuming this is different in your market and you are able to pull a permit; and assuming your contractor is licensed: I would call the inspector’s office and ask them what benefits they see in having an owner pull the permit vs a contractor. 

This property may not qualify for tax benefits.

Main benefits or criteria NYC buy and hold investors are looking for?

Both asset types can build wealth, but they behave differently, require different levels of operational resilience, and serve different phases of an investor’s long-term strategy.Understanding how they differ is essential for building a portfolio that supports your risk tolerance, your desired level of involvement, and the cash flow you expect.

Could we move into that home, convert to primary home and sell it a few years later to benefit from the primary home allowance?

I had nobody tell me what to do, guide me, & essentially have been DIY since I started, then been investing in many different things over the years while being conservative & prudent with my strategy. 

Although it is usually to the investor's benefit to do a cost segregation study the first year of owership, properties that have been owned for longer than one year can also take advantage of the tax benefits and cash flow available with cost segregation.The amount of depreciation can vary between 25% to 50% of what you paid for the property mimus land with the 100% Bonus Depreciation. 

So, in short, yes, although the underwriting and evaluation of a deal can be more complicated and longer, the benefits can absolutely pay off.

Second is the long term tax benefits you would be giving up or gaining based on the path you choose.If you sell the property and have lived in it for at least two of the last five years, you may qualify for the Section 121 home sale exclusion.