However, my risk is lower as the 2 bed/1 bath apartment I am considering for this setup doesnt have any major appliances nor copper as it is a 1960's build.

However, some investors don't mind this strategy if they prefer not to put a lot of liquid in up front and plan to refi out within a few years of closing (which seems to be a great option with the talks of the FED reducing interest rates this year).It really comes down to investing in a growing market, in a good neighborhood & building a great team to support you.

I'm really looking to add to the portfolio not do a 1-1 or 2 for 1. 

But if you do it right, yes, getting to a net revenue place to afford a GM is achievable in less volume of locations. 

tell me more about the deal we are doing the same thing this year.

But it’s crucial to double-check NYC’s rental regulations to make sure you’re in the clear.

As other people mentioned the areas do change pretty quickly. 

When I floated the idea of buying it from them myself, they said they were open to it if that's what I wanted to do and gave me time to think about it.

I know how much of a pain it can be navigating these arbitrary bank rules. 

I think our best client in the last 4 years we probably made them $750,000.Then I get the call from the one property owner trying to nickel and dime me that we will charge $190 for his townhome and he can get someone else to do it for $125.