The primary goal is appreciation adding value building equity and therefore net worth.I’ve been at this “game” 46 years  and there is no magic bullet.It takes time, discipline and consistent effort.But it can be done in 10 years.Of course this means living below one’s means - ie spend less than they make - to develop and build cash and capital that can be invested and then watch ot grow over time.Hope this helps.Arn

If this is your 5th deal you should have already developed a banking relationship with a commercial banker.

Where I differ with most of the posters on this thread is that I feel solutions can be developed to address the problems and something similar to what the OP suggests would be viable. 

Self managing should be easy, if not then that Realtor can probably help you with the rental side of it. 

I studied RE development and investment for my MBA, I am the building inspector for the town where I live and I worked as a contractor before switching to only working on my own deals.

Self-purchased and managed.

Contractors, unless you have a working relationship with them, normally do not want you bouncing ideas off them.Understand what their hourly rate is, have a discussion with them that you are okay with paying them an hourly rate if they walk the property with you and provide you a scope of work along with an explanation of what you can/can't get away with in regards to improvements.ask them if you go with them, if they can credit you the amount that you paid.Once you develop a working relationship with a few contractors, you can bounce ideas off them and expect quality responses.I do not invest in New York.Best of luck. 

Evaluating a self-storage opportunity and would love folks' input on a few questions that I have, below. 

While sophistication of your equity partners (private money lenders) will vary between residential and commercial, the principle of raising private capital is the same.You need to develop your own system which allows a constant stream of PML even when you don't need the funds and/or don't have an active deal under contract.For example; I raise private capital by offering free educational workshops for people with self-directed IRAs.

You’ve developed a moderately fast wealth accumulation strategy that’s relatively low risk, enabling you to ride out down cycles, negative cash flows, unexpected necessary expenditures, etc.