Hey guys, I've been looking at this property in Brooklyn.

Hello, just joined and this question is exactly what I'd like to know more about I am looking to convert the basement/cellar of my secondary house in East Flatbush Brooklyn into an apartment.  

Hi,I’m looking to buy a 2 family house in Brooklyn NY. 1 tenant is on the section 8 program and they pay $2000 rent.

have you considered brooklyn ny? 

I have been helping people buy, sell and lease properties in Brooklyn for the past six years.

As a realtor in Brooklyn and Long Island, I can promise you there are most definitely good rental properties in NY if you look in the right areas and have the correct strategy. 

Our goal is to purchase our first multi-family in Brooklyn or Queens and move in once our lease is up.Background- Both work remotely- No debt / No Kids- $250k+ in savings for a downpayment (should we do an HFA?)

Quote from @Brooklyn McCarty: Best thing you can do to find out for sure is find out the city regulations yourself either with a quick google search, phone call, or even visiting if you have to. 

This slogan merely means you can put down ZERO and the Investment will be NEGATIVE but if you buy it without financing it, you will Cash Flow.You make the Investment Cash Flow.Also, Cash Flow can be a distraction from much bigger problems.Buying a Property that you cash flow in a DEPRECIATING Local Market is a set up for failure.Take Detroit during the decades before it went bankrupt.You may have bought a Cash Flowing property decades before, but the writing on the wall was that Detroit was going to depreciate when the Domestic Auto Industry was a decades long slow train wreck.Detroit, at that time, was 90% dependent on Domestic Auto.There are 2 rules that I follow:1) ALWAYS buy in Appreciating Markets with a horizon of at least 10 years2) You (notice, I said YOU) SHOULD Make the Investment at least break even if not some positive cash flowIf you are in an Appreciating Market, your Cash Flow will grow.For instance, I am in Brooklyn, NY and my first investment was in 1998.My rents went up over 350% (from $1k for a typical 2 Bedroom apt to $3.5k today) over the 26 years.Not only do I cash flow from the Rental Price Appreciation but soon my Mortgage will be paid off by the tenants.The Cash flow will be HUUUGE in about 2 years from now.Many Investors here seem to not understand that Appreciation is BOTH the Investment's Value and the Rental Price Appreciation.

If you're looking B to C mixed area I would look into Cudell, Old Brooklyn, West Boulevard, Jefferson and Clark Fulton.