However, if you are looking for the lease expensive over time then go with an LVT (Luxury Vinyl Tile or plank)  it will hold up to rental abuse and not have to be replaced every 5 years.You get what you pay for.

I highly recommend following @Ben Leybovich on his experience with what he calls "luxury house hacking".

Instead they are splitting time between their beach on their private island and their 60,000 square ft mansion made out of gold.  

I have sold houses for a flat fee of $1,000 and a flat feel of $5,000 I have also had a case of Ultras as the commission (I was buying that one). 

We have a significant segment up to $2000 and then there is the luxury and ultra luxury segment - where I live in Mequon you can rent a townhouse for $4,400...Keep in mind that your attitude to your property will be reflected by the tenant ("whatever is cheap, it's just a rental" mindset).

Lots of bars/restaurants here but still in a neighborhood vibe.Capitol HillA neighborhood of old mansions and big condo buildings.

7.When considering your ROI in selling your co-op, also keep in mind that in NYC, you, as seller, will likely have to pay NYC and NYS transfer tax (buyer would likely pay "Mansion Tax" if the sale price is $1M, but everything is negotiable). 8.

Hey, if you can sell luxury homes and make 1 $500,000 commission a year... great... but for most, slow and steady wins the race.

However, if they are pre 1976 they can be hard to buy because of a lack of mortgage options, even if you can pay cash keep in mind your exit strategy because your target market may not have that luxury when you go to sell.

However his business model is deferent as he rents to low income permanent type tenants, while I am on to luxury, short term vacation travelers and event planners.