Im unsure of the NY laws as I'm in Missouri, but from my personal and professional experience a good property manager is worth their weight in gold.

I'm just seeing a lot of negative news, seeing DOM go up, more price reductions, and more inventory on the markets I follow.

Do cardio and weights (not just cardio)4.

I haven't fully decided if to do the license route or just dive, so I am just trying to weight out my options.

Always write him a check not through rent reduction so there is a traceability.  

If the property has a good cap rate and you can withstand any reduction in rents or vacancy increase from an economic downturn, what difference does it make where the property is?

Does it mean $10k reduction in purchase price?

I can't talk too much personally on that since I'm single, but I think it's better now that when they're going to school and having to move would be a little more tricky.4) You get to live for free, or a price reduction.

I only say that because dealing with contractors is a PITA so if you have one on your team he is worth his weight in gold in my opinion.

My duplexes do receive an income approach to value when appraised, but because it is residential, the comps carry much more weight.