Pete, Have you spoke to a lender to get preapproved? If you are deciding to invest here on Long Island or anywhere for that matter, knowing what you can afford should be a high priority. You wouldn't want to start a search and then be let down by the fact you cannot get a loan for the property you fell in love with, unless you have the capital or investors to go in with. There are certainly many deals to be found here on LI as well as Queens and Brooklyn. Multi family homes are a great way to go for the long term and even more so if you plan on house hacking. I know many people that do that and it where I live in Long Beach as a way to keep your debts down. On the flip side, out of state investing can be just as beneficial since your dollar can go a lot further than it may on LI and you may be able to get a hold of multiple properties.
In the end, you need to do whats right for you in order to achieve the goals you set for yourself. If that happens to be on Long Island, as a real estate salesperson I would be more than happy to speak with you about how to get there and help you on REI path.