Once you figure out how to find off market deals the rest of the process is fairly simple.

If your cash flow is break even and you don't expect a groundswell of appreciation, why hold it? 

It may not be worth using an LLC on your first one.As for the calculations, just put the numbers in a spreadsheet and figure out which option costs you more.

Scott, depreciation for a rental,  even if she has not taken it , would have to be figured during the sale. 

So multiple eyes and local expert providing local cost and input on lifespan.Here is an example that has a part that is more expensive in my market than other markets (unlike most parts that are the same everywhere, so in this case your cost should be significantly less due to both cheaper part and cheaper labor): $1600 40 gal water heater installed (this is good price for a plumber, a little high for a handyman) with expected life of 12 years (i have some that go 20 years and some that die in less that 10 years (mostly rheem die in less than 10 years), 12 years is fair life expectation

I figured I would try rentRedi just for that part of it. 

You can expect to pay for either.

What value is expected or provided by an agent who specializes in multi-family residential, not commercial. 1-4 units.

I expect 30% turnover in a given year, but have seen it surge as high as 48%.

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.