If you’re not in the area often then yes, long term rentals may provide more stability for you.Either way, I do recommend that you buy based on reasonable long-term rent #s, not AirBNB #s, since you may not be able to do AirBNB if you’re not actively living in the property.As far as $2500-$3000 per month, if you mean gross rents then yes I think that’s do-able if you have decent-sized and -condition units and especially if you have 3 units with at least 2 beds per unit.Management fees are usually a percentage of collected rents, which is probably also true in NYC. 10% is “common” but some property managers may charge more or less depending on what services they offer, how many units they’d be managing for you (think quantity discount) and what you can negotiate.

Ask a couple of environmental firms what it would take to clear it up sufficient to satisfy the title company and/or EPA (or state equivalent).

Under capitalized landlords or landlords without sufficient contingency funds are probably going to be more willing to entertain an offer to sell at this time.

I'd say you could do the cash out refinance AND utilize at least some form of leverage on the second purchase leaving yourself with the most cash on hand and possibly the ability to do more deals which for better or worse should appear in large quantity in the near future. 

I was wondering if anybody as any advice or recommendations on direct mail service providers that allow minimum quantities of a couple of hundred postcards (200-400). 

This isnt going to be as big of a down turn on real estate prices as '08 had...or as much quantities...but you will still see a lot of foreclosures because of this.

@Willie Bradley Several things come to mind: 1) MIP2) You have to live in the property for one year. 3) For a 3-4 unit property, you have to pass the self-sufficiency test.

The elevations in the plan will be sufficient for the lender and your Architect will be able to produce renderings if necessary.

I did a tenant background check and they had no evictions, nothing too concerning in their background and their salaries were more than sufficient to cover the rent.

Yes, you will need to spend some money doing this, but then it will force you to even better understand some concepts such as the important of sufficient reserves.