Congrats on your success so far.Some random thoughts for you:- It might be difficult to tap the equity in the rental at this time given the current state of interest rates. 

Also, ensure you're compliant with New York's security deposit laws, which cap deposits at one month's rent.

Today its difficult at 20-40% down to make something cash flow (in real life not on paper).

Paperwork isn't that difficult.

Cap Rate, Cash On Cash Return, then IRR. 

seller finance opportunities are very, very difficult to find.hope this helps - happy to dialogue further

@John Cooper, it sounds like a normal tenant and a difficult landlord.

It’s probably not that you’re “small potatoes” to your PM, but more a reflection of the nature of the market itself—low rents, properties with higher maintenance needs, and tenant issues.These factors make properties in these neighborhoods more difficult to manage and generally less profitable for property managers.

Having a difficult time understanding the in's and out's of SELLING a property to a son/daughter. 

Usually I don't like to buy or recommend to my clients to buy where there is a lot of new constructions going on that don't have a cap on how many properties they sell to investors.