It's fairly rare to have a structure that varies on the amounts like that. 4-5% is reasonable. 

People come to them because they know they will give them a fair price and solve their problems.

"assuming" 5% appreciation is fairly aggressive .. 

A lot of times there are some title issues with these types of properties that you'll have to clean up, but they are generally fairly easy to resolve.

It's a fairly easy switch to convert from STR to MTR.

I just read many people are leaving New York but besides COVID I feel the city is fairly recession proof (as is DC which is where I have another property but it hasn't really increased in value that much).

I've lost money on deals that I took a gamble - Detroit homes with more taxes owed than the value of the property, and I've made money.What else can I tell you?

And a tenant was placed fairly quickly.

It's fairly cheap to do this, and where I live a one page form you fill out with your County Clerk's office.  

There is also no target right in terms of an asset, and you need that.That's a fair point, I don't want to get in over my head but I would like to get some passive income rolling...I just need to know if there's any actual feasible way to get me started in this business at my income level.