However, when the first buyers failed to come through with cash as specified in their terms, the seller pulled out and offered us the opportunity to purchase the property at the asking price, and we did.

@Francisco Milan how long have you been using listing signs or approx. how many listings have you had? 

In the long run it would save you $. 

A couple of things I like to tell my newbies-Owning a short-term rental property can offer significant financial benefits.

Hard money rates/terms so awful I don't see it as a viable option unless have some insane deal.

Had excellent success self-managing as an Airbnb in the winter months and switching to a mid-term rental the summer months.

All the best to you during your last semester.Househacking is one of the most common routes for new investors in NY.For best returns, I'd recommend focusing on South and Southeast Queens, Central and Southeast Brooklyn, and the Bronx.There are parts of the suburbs (Westchester and Long Island) that have househack opportunities but the property taxes are higher and the commute time to NYC is longer.Abel

I torn that thing to shreds a long time back: https://www.biggerpockets.com/blog/2015-05-06-2rule-die-horr...The 1% rule used to mostly work as a "pre-filter rule of thumb" as you say.

Some investors also use a business line of credit backed by their cash flow, which can help with future deals.If you’re planning to scale, maybe start stacking that cash for the next property or even park some in T-bills for short-term returns.

There are a few illegal ways but that is the wrong way to get into this business.I have heard all the arguments about how the mortgage company doesn't care who writes the check as long as they receive it.