Rent for a bit and build up your credit and cash.

Even if it hurts your credit, you are likely looking at a few years to build up credit once you become self-employed in real estate, anyway, so you could be doing it all at once, clearing the slate instead of hanging onto a loss, unless the market is returning to that condo area and you see it appreciating enough to get you out of it soon without a short sale.

If I can build up a 10k reserve, I'm hoping to be covered on the major items, especially since it's a turnkey.

I want to hold and rent the property with the help of a good property manager while I remain in NYC.I eventually [5 - 10 yrs] would like to invest full time and build up a sizable portfolio [$50M+] with the cash flow to allow me to live a very comfortable lifestyle.

Be sure to build up a decent nest egg for emergency repairs like new roof, or furnace failure, six months vacancy, etc.

On higher end units, the cashflow is a bit tighter, it *can* be less work for the dollar earned, and appreciation and equity build up are significant.

It is important that your wife is happy, but if you are unable to build up a reserve fund, what happens if you need to replace your roof, AC, repair your car, or even worse you lose your job?

They make low temp paint from Sherwin Williams, but I would not paint in freezing weather because you will get sick and the colors will dry different than the color on the chip. also remember the color on the chip is actually a photo of the color so its actually ink lol.

Congrats, @Allen Maris -- base hits are what help build up the score . . .

It would likely prevent selling to anyone but an investor in the future, though.In the event of a flood, I'd build up enough cash reserves from the property to either repair or demolish.