Another cool thing about hard money lenders is they work like a safety net.

I'm currently flipping properties in my backyard (SoCal) and have the liquidity to fund multiple projects.

It isn't impossible but as @Jimmy Lieu mentioned, there is a steep learning curve.Depending on your liquidity, out-of-state buy & hold rentals could be your best bet if NYC investing is out of the picture.

So, generally, they'll talk to you with rose-tinted glasses and have you drink the cool aid.It doesn't mean you can't find a deal though.

Super cool apartment style living, but all one story. 

But if I had a lot more liquid capital and had the choice, I would buy newer ones.

A buyer needed, I heard through the grapevine, $100M of liquid capital to acquire them for very darned little.

If the project is large enough, liquidated damages (LDs) should be considered as well.

I am not sure if anyone else saw it:"Full and Liquidated Damages": This limits both parties to just the damages stated in the contract.

Your best bet is to keep liquid cash and avoid PMI.