Living there in that class is not easy but doable: if the neighbors clean your snow and cut your grass, you are part of the neighborhood already...please make sure to not disappoint them and give something back to the community...I would also recommend to read @Al Wiliamson, how to be a Leading Landlord, his series of threads here on BP about taking action and change a neighborhood.also beside your family discount, what does you dad and granpa told you about the neighborhood?

Finding new tenants every year, dealing with room mate issues, damages, having to include all utilities and even TV and internet (many student landlords do this) all raise costs.

One option MIGHT (if the parties are trying to come up with solutions mutually) to make up the difference with a series of payments.

Today It's hard to read the news or watch TV in NYC without hearing about the skyrocketing values of Bed stuy real estate.

Good point, the market is changing fast, so I'll make sure to act fast on the series of steps we need to take... 

Loan to experienced flippers first, watch the renovation process up close (it's a lot different than it looks on TV), then try one yourself once you feel comfortable dealing with contractors, vendors, designing, etc.

I'm not on a TV Show, I didn't write a Best Selling Book.  

I can't turn off the house flipping/hunting shows on tv.  

They also said there were a series of gunshots out there on Tuesday.  

I need to set up a bank account for a Series LLC, anyone know which financial institution would best understand this kind of LLC and is easy to work with for a business?