If you are more leaning towards single family flips and buy/hold or wholesale etc... ignore what I'm saying.The reason I bring this up is last year I was contemplating the same thing.

I do agree with you and understand that investors can hedge against FX risk.I also agree with your final point above, in that novice investors better be really educated (and possibly alongside experienced partners) before contemplating diving into the Manhattan market.

I am also contemplating a $18k condo which would rent for $695/month with $160/month HOA.

If even the broker comps aren't adequately penciling, then you can kill the deal and move on without spending too much time.What sort of financing are you contemplating?

While we contemplated on the turn of events it seemed as outright extortion in order to give them a refund.

When you're contemplating a 1031 scenario a couple of things are very critical.1.

Funny you should ask that just now, because I've been sitting in my car for the past hour almost on my phone contemplating that.

@RJ Nickson the best thing to do is get together with your partner and write down how you see everything working between the two of you then take that to an attorney to draft the operating agreement as they will help you contemplate things you likely are not thinking about.

I'll be here on BP to contemplate if what I've been doing is a good thing, or changing up my business plan.Just about all the smaller jobs, I found out I could complete faster, than I could get a contractor to show up for an estimate and schedule me in for the work.  

While you contemplate the wisdom and life philosophy behind wealth, have fun with this net worth rich-o-meter :)http://graphicsweb.wsj.com/documents/PERCENTMETER1...Note that you can set it to either income or wealth.