Have any idea about Gift tax in NY?

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

Are you planning to build, hold, or flip the land?

Add another $300 or so for taxes and insurance and you're at $2465 PITI. 

Make them build them, so they own them. 

@rick taxed at short term cap gains I intend on keeping till 1 year markYour other questions I’ve answered elsewhere in the thread

We value building deeper relationships with investors with whom we align perfectly rather than having superficial relationships with everyone who wants to buy. 

But I have a client with the same type of building and has a non-conforming basement that he uses as an Airbnb and hasn't had any issues with it. 

Lots of great info on here as well, and like they're saying the best thing to do is to find an experience broker / realtor who can help you navigate which neighborhoods to target and which ones to stay away from, as well helping you to build out your team for property managers, lenders, inspectors, contractors, ect.

Once you build it correctly, you can offer it to other investors as a service.