Given your residency limits, the high prices in NYC and surrounding areas are a challenge, but there are still options in neighborhoods further out within your allowed range, like parts of Queens, Brooklyn, and the Bronx.

I would appreciate any advice on whether it's a good idea to invest in land on a slope and the potential challenges of building on such terrain.If this seems like a worthwhile investment, can anyone recommend reputable construction companies that specialize in cabin builds on slopes? 

He clearly knows the best course of action in this challenging market.

Challenges?

Challenges?

The more challenging part is learning to manage investments well, as my book makes real clear.

The refinance stage can also be a challenge since many lenders require a seasoning period, often around 6 months, before they’ll allow a refinance based on the new appraised value.

While I agree the rent by the room strategy can be great if you know how to manage it well, from a lending perspective, a lot of 30 year DSCR note buyers won't allow properties with individual room leases, so it could make refinancing more challenging. 

After contract is more challenging as your best negotiation is before contract.

Challenges?