$3M in buying power with 20% down - what to do?

[Jack K.]

Based on income, I qualify for a $500k mortgage and my friend qualifies for $2M mortgage. Together we want to go in on a real estate project(s). We can throw down around $500k-700k. We are both based in Brooklyn. My plan was to buy this extremely nice 2-unit building in Williamsburg, Brooklyn and rent it out doing short-term rentals while living there. If I didn't do short-term rental the place wouldn't cash flow. However this area continues to grow in value. I would be managing the deal and hopefully turn this one into more and more future deals. Thoughts/recommendations? I feel like this would be easier if I wasn't based in New York.

[OnYango Williams]

Jack with the way things are going in the market, some properties are sticking around longer than usual. Of course, since you are loiking in New York, you will spend more than most any other market, with the exception of LA. Now the later you wait, the more the ability to rent right away comes into question. My question to you is, are you only tied to Brooklyn?