You don't want to get a call 3 months into a project where you have lent money and hear the operator say that they ran out of money and need more money from you to finish the project or you will lose your investment.

I'm a property manager, and I also buy/sell property.

You’re a Project leader.

This one might need a house manager in a few months so some chance to live cheaper in exchange for managing the house. 

Try interviewing at least three managers.1.

The property offered a balanced investment opportunity—enough to significantly enhance its value through renovations, yet manageable in scope and cost.

The art is in accurately projecting numbers, which is notoriously difficult.Forget complex investing strategies as someone new to RE. 

@Damien Davis you'll make less on the initial projects but the experience you'll gain will be completely worth it.

From my experience the first team member to recruit will be a local Project Manager-someone who wants to help you long term as your eyes in the field and boots on the ground. 

However, given the price points in NYC, I am looking to southern CT so that I can start small for my first project.