Should we start with a queen or try the day bed? 

Keep in mind these numbers are rough and based on my memory of the few owners draw statements I've seen a few times and it's really a basic quite, two queen beds.

Jamaica, Queens Village, Ozone Park, other parts of Southeast Queens, East New York, Canarsie, East Flatbush, Flatbush, other parts of Eastern Brooklyn.The areas that fall somewhere in between are: Ridgewood, Maspeth, Woodhaven, Glendale, Richmond Hill, Bushwick, Bed-Stuy, and a few others.I'd be curious to know where you're searching for properties as most of these areas highlighted above are well over the $600K range.

I'm originally from Queens, New York. 

I bought a brand new, never used La-Z-Boy hideabed queen couch for $150.

I had a couple of bigger capital expenses - had to replace the refrigerator and an entire queen mattress/box spring set in one of the rooms, and I added a few things - fencing and some landscaping - but everything else was pretty normal stuff. 

But hey we could get lucky and find a distressed property in queens somewhere lol.

:) G'Day Zair,Just commented the same to another fellow looking to do something similar to what you are.I think that BRRRR from out of state is very risky business.If I was you, I'd continue immersing myself in everything and anything real estate related.Come back home to the US and start in your local market.Using leverage should only be reserved once you already know what you are doing and you have experienced the income/expenses over a few year period.I've always believe that "Cash is King, Cashflow is Queen and Finance is the Peasant" lolIn your local market or a market of your choosing you can buy, fix and flip or buy, fix and refinance.But I suggest you buy, fix and flip until you have enough cash reserves to buy, fix and hold without it affecting your cash position for future deals.Build a strong foundation without leverage and only then start looking to refinance or finance.30-50% of your portfolio should be un-leveraged.It's a slow process but all good things take time.Just my opinion and wishing you much success

My name is Elizabeth, I live in the Northern Virginia Area.

And this first Richfield reno is where everything went right, I made truck loads of money, went on to make millions more, Married the Prom Queen, fart fairy dust and all was well..... lol.