Hi Jackie,That sounds like a frustrating situation for your friend—sorry to hear they’re dealing with that.

This was extremely frustrating since he charges a pretty penny for closings.Based off my experience I would not recommend him for a 1031 transaction.

I know pricing tools can be frustrating, but they might be worth another shot.

If not, ride out the 12 months with the hard money lender.People have to make good choices and not over extend themselves just for the sake of buying something they really can't afford or that doesn't make good cash flow.

If they want to leave, for any reason, they just have to pretend they can't afford the rent.

I just can't accept such a constant ever increasing loss, even if I can afford it. 

The taxes and affordable insurances also help the cash flow on top of normal to above market rents in some neighborhoods.

According to NYC, STR is hurting housing affordability just like normal people can buy a house or condo near the Time Square and Madison Garden. 

I can afford to invest in B properties with larger down payments but I guess it means I may be doing more like 2-3 deals per year than 3-4.  

We aren't the cheapest place but we are affordable for the size and I want to keep it that way.