My partner and I have a couple units we manage as well in Washington DC.

I lived there for a couple years and I met this guy who has bought and managed a ton of property there. 

@Alba Cheung,your property manager should have already handled this and you should not be involved.

If you move, renting in NYC and buying an out-of-state property could work, but make sure you have a solid plan for managing it.If you stay, buying in an affordable market and living there for a while could be a good option.

@Chris Seveney We don't plan to make money by managing the fund.

I think that's a great approach I have a lot of clients who self manage have no issues at all.  

After 45 + years as a real estate investor, broker, lender, fund manager and syndicator, I’ve become aware that the “dream” of many investors and investor “hopefuls” is to be able to generate enough cash flow to live off their real estate holdings and accumulate enough wealth to make “work” optional.

We have one property managers whose job is to be our eviction Laison across the whole portfolio.

I am currently an Asset Manager for Multifamily Deals as my W-2 job and looking to buying my first deal in College Station/Bryan Area.Anyone I can connect with to pick their brain on different investing strategies? 

Costs after it’s placed in service are deductible as rental expenses.If you need help tracking these costs or categorizing them for your tax return, consider working with a tax professional or using software that helps you manage rental property expenses.