But we ran the numbers on about a hundred places and came up pretty empty compared to where we wound up in New Hampshire, where properties penciled out much better.

Living in NYC, even in cheap neighborhoods will always be expensive and will continue to climb.To Graphically illustrate what happened to the Rentals of my building, here is a Chart which shows what the rental increases would have been, taking into consideration that the Apts rented for $600 in 2000 and wound up at $1,800 in the year 2016.I extended the years so that we can see what the future Rent could be like if the same Rental Increases continue at the same pace.

And they would lead Investors into these deals.Unfortunately, for the poor, non-financially educated, gullible people in the Audience, they fully believed in the two so called Experienced Investors willing to cut you into their deals.To make a long story short, those two wound up in Jail for Wire Fraud and other kinds of crimes against the people who gave them their hard earned money.I had decided to help the Group of Investors put away these two criminals and had their Background information.

@Edwin Sequeira @Stephen Stokes I'm curious what you wound up doing.

If you want to donate to wounded warriors or something then just do that !!

Thanks for the response @Kevin Luttrell I did something similar wrt deeding the property, however, still had the LLC active for a few years before I wound it down so need to figure out what to do about the filing.  

(a) Upon dissolution of theLimited Liability Company, the affairs of the Limited LiabilityCompany shall be wound up in accordance with this Section 12.02.

They wound up refiling her company's past three years returns and she got back some $30,000 because of deductions her previous CPAs had missed.If you're trying to "save" money by doing it yourself or using a CPA who does NOT specialize in real estate investing or corporate/business taxes, ask yourself one question: How much money can you AFFORD to "save" (read: "not spend")?...

From my experience in working with the senior community during the past 3 plus decades you'd be much better off just sucking it up, licking your wounds, fixing up your vacancies and moving forward. 

Not to pour salt on anyone's wounds, but reading about their busts and failures is every bit as interesting--and educational, to boot-as successes.