The offering would be at 490 units at $1000 unit which allows 49% to be sold to have the preceding benefits to remain in place.

Since I'm based in Tampa, I don't look outside and compare markets. 

I don't remember the exact cost when I did it but I remember thinking it was cheaper than expected.I didn't see a comment mentioning that you should just include utilities in the rent and increase it based off that so I'll be that guy.

The manager offered to repaint one of the rooms during a turnover and we told him he didn't owe any rent that month.

If a single-family owner-occupied property is worth $400,000 - I wouldn't invest more than $280,000 (70%) in a note secured by the property.ITV takes priority over desired yield - so even if the note discounts to $350,000 based on desired yield, the investor still won't go beyond their maximum ITV. 

Let's of NYC investors look at other cities in NY, Rochester, Buffalo, etc... they can drive to them to see them, and they know the state well enough to feel comfortable.Most of the rust belt cities in NY offer cash flow as well. 

Hi Guys - wanted to share a major accomplishment, today I had an offer accepted on my first multi-family! 

I understand that each person's situation is different and unique and can appreciate the insight you all offered. 

You should consult a tax professional for an answer based on your unique situation, this is not tax advise just general information.

I have not started looking in those markets yet, but based on everyone's great input on here I definitely will now.