Consequently, new homes in these locations start at $550,000.

That being said, the 15yr mortgage option that has an interest rate that is 1.000% lower is also an interesting option to consider.I ran the numbers assuming we rent this condo out, and we would be slightly cash flow negative for a few years with the 30yr mortgage, however, given the condo is located in NYC I'm expecting pretty strong appreciation over the years (it's appreciated 6-7% since we bought it in Sep'23).

I'm guessing it's the winter and the location.

If you can locate their employer or bank, wage and bank garnishments could be options, but that requires additional legal steps.

It's 2025 and I'm going to get serious about investing. Several years prior to Covid I got my finances in order to start investing. Unfortunately, Covid decided to change my plans, and I made the decision to hold off,...

Although the location is good for STR. 

We bought a foreclosure and are living in it currently and are making it our forever home due to the location.

In lakefront locations, larger rentals often attract families and groups, leading to higher ADRs and fewer turnovers.

In 20 years, even entry-level houses will be worth 1M each if you are in a desirable location. 

Location and desirability are two major factors in the success of an investment property.