@Stuart Udis has hit the nail on the head.  

They usually come with fairly steep rates and high fees/points at closing.

My budget for the property is up to $200K. 

Cozy was "good enough" for awhile but the lack of a mobile app and multiple tenants having issues setting up payments, etc caused me to look elsewhere.  

If this job popped up out of the blue, your intent was not to move within the 1st year, so you may be ok.If you are planning on building a portfolio of homes, it is safest to stick in your home for 12 months to reduce the appearance of potential fraud. 

Getting that first property is exciting—and yeah, NYC is no joke when it comes to price of entry.Honestly, a lot of people I’ve talked to in your shoes end up finding better opportunities just outside the city.

I've been lucky to meet more interesting and experienced people who are willing to pick up the phone when I have questions and work together with me.

Quote from @Brady Ascheman: Hi everyone, when meeting with my CPA recently I was instructed by here that if you obtain "Real Estate Professional Status" as per the IRS rules then your rental income become "active" instead of "passive" income in the eyes of the IRS.

Instead of buying the same type of property each year, the idea is to gradually increase the size or number of units in each deal.

Who gets blamed for and/or has to handle the following unique to nonfamily roommates:1) Missing personal possessions?