Average rents for a well maintained 2 bedroom apartment are easily $1000.  

Timelines, budgets, quality of finishes, they all need to go well for your exit and if your in bed with a GC that only cares about himself then all those things will not go right for you, but he'll still get his money.People really underestimate the following:1) The cash they need to close and carry the project2) How hard it is to have a GC stick to what they promise3) How long it may take to exit through a sale

I ended up signing with them as well - 3 months in to the lease so far and it's going well.

Obviously, their capital gains are well beyond the $500k primary residence exemption. 

It costs roughly $100/mo but is well worth the expense.  

Selling to an entity you own and renting from yourself looks like a tax dodge to the IRS, and they’ll likely reject it.Better AlternativesIf you’re looking to maximize deductions, consider more straightforward strategies like:Renting out part of your home (like a basement or room) while still living there.Keeping clear records of home office expenses if you work from home.Investing in other rental properties that aren’t your primary residence.Michael Plaks explained it really well in his response.

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. 

I came across some critical information today that I think is important to share with you:In the aftermath of the LA fires, it has become evident that some homeowners’ insurance claims have been denied or disputed because the property title was held in a trust, but the insurance policy was under the individual homeowner’s name.This serves as a valuable reminder to review your insurance policies and ensure that the ownership structure on your property title matches the named insured on their policy.

If you cannot prove income then our rental DSCR loan will be your best bet. 

Another option is to look into some funds as well that allow smaller investments. some are anywhere from 500-$10,000 minimums and accept non accredited investors (through regulation a+).If you ran numbers of a loan paying p&i at 10% but ot being able to reinvest the principal payments you realize how low your returns actually are. so yes notes are great but also understand that idle money for any investment is not fun.