It goes deeper than that.NYC Liberal policies, including strong tenant protections, increases the risk of failure so much that the risk far outweighs the rewards.Financial ruin is just around the corner for the small Mom and Pop Property Investor that it doesn't make sense for them.The Tenants will have free Attorneys that are bent on delaying eviction cases so long that it stretches into years while Mom and Pop suffer from lack of rental income and still have to pay all the bills and do the management.Additionally, the increase in homeless living rough in the streets due to Sanctuary laws causing a lack of shelter beds, then evicting shelter residents after 30 days creating more homelessness, policies that tie up the Police's ability to arrest perpetrators, etc. only causes Mom and Pop to sell out at large discounts to larger Landlords who are capable to use Economies of Scale to eek out a profit.These larger Landlords will eventually turn a much higher profit as the pendulum will eventually swing towards the middle when the NYC Voting population eventually realizes that it's not a conspiracy of the Rich that's causing the Wealth Gap to increase.It's the same liberal laws that encourage people to become lifelong tenants, small Entrepreneurs (including Property Owners and small Mom and Pop Businesses) to be destroyed, and Rents to rise astronomically as housing becomes scarer even when the population declines by as much as 7% in the last several years. 

Of larger buildings in DC, there is only 1 single building in DC that allows mid term rentals.

Is this outdoor storage for larger equipment?

I'm sure in larger markets that is different though. 2.

Unlike So Cal, that gets a larger % or their water from the Colorado.If the environmentalists in Cali would go away and we could get desalination going, Cali would be fine.

I do feel like an LOI is more used on larger properties over 20 units.

That might be larger than you were interested in, but I thought that I would mention it. 

Seams aren't perfect but are not bad now, looks like it will end up being a regular maintenance task but at least I don't have to pull up the baseboards anymore!

I have been pondering for years on how & where to start and have decided to connect on a larger scale to gain knowledge & guidance to get started.

Water damage never happens in small amounts, until its noticed and by that point it's typically a larger job than $1200.