For tax purposes LLCs can be taxed in 3 ways based on circumstance:-Partnership (default for multi-member LLCs)-S-corporation (works for both multi-member and single member LLCc [needs an election])-Sole proprietor (reported on personal 1040)S-corporations are extremely tax disadvantageous when it comes to buy-hold real estate.

2) If I do have an LLC, what are the advantages / disadvantages to having the LLC own the property vs personally owning the property?

I closed on 2 deals last year with FHA, and you are at a significant disadvantage using it, and Im not being shy about telling my buyers that. 

Most nyc apartments supply heat, you will be at a disadvantage vs other listings. 

Also is there an advantage/disadvantage to new vs old multi family units?

What are the advantages/disadvantages to each?

I'm not familiar with the LLC part of your question so I will leave that for other members to answer but you would most likely want to talk to a lawyer and a CPA to talk about the advantages and disadvantages of an LLC.

Don't think there's any major advantage/disadvantage with Sec 8 voucher holders (well maybe getting the voucher on the 1st via EFT, but you still need to get the co-pay).All the local HA (housing auth) seem to do this differently (they get the checks from HUD to divvy up), but realize that the Sec 8 + tenant copay needs to be close to market, otherwise, market-rent guys like you won't take them.If you do accept a Sec 8 voucher, get the contact info of the caseworker to set up EFT and in case you get a lousy tenant you need the caseworker to use the death penalty (ie pulling the voucher).

The disadvantage is that you can't scale with it.

While as an out-of-stater you are at a disadvantage, local financers know the area, understand the role and business of short-term rentals here better than other lenders.