The more cash on hand the more options.

Let's of NYC investors look at other cities in NY, Rochester, Buffalo, etc... they can drive to them to see them, and they know the state well enough to feel comfortable.Most of the rust belt cities in NY offer cash flow as well. 

I did find this deal driving driving for dollars, the realtor of the property was adding his sign in the front yard, I approached to make and offer. we close in 3 weeks.

Love the insight @AJ Wong.

I am of the opinion that you'd be better served using that money toward the down payment on a property.

I am also on the loan.

We accept all applications and in the case of section 8 the only real time we don’t is if the numbers don’t make sense with market rent vs HUD standard.  

We have the highest Realtor count per capita is the U.S.

With the profit from the first deal I would pay for the initial investment technically.  

A light bulb replacement, for instance, might be the responsibility of the tenant.