I ran your numbers through my own development proforma analyzer and it looks really good as a DSCR loan. 

Contractors, unless you have a working relationship with them, normally do not want you bouncing ideas off them.Understand what their hourly rate is, have a discussion with them that you are okay with paying them an hourly rate if they walk the property with you and provide you a scope of work along with an explanation of what you can/can't get away with in regards to improvements.ask them if you go with them, if they can credit you the amount that you paid.Once you develop a working relationship with a few contractors, you can bounce ideas off them and expect quality responses.I do not invest in New York.Best of luck. 

@Andrea Lucarelli - We are converting our planned airbnb into a mid-term rental here in Chicago because it got denied by the city because supposedly its in a "planned development area". 

Quote from @Jaycee Greene: Quote from @Jamie Parker: @David Mares The short answer is to build and develop the area.

Much like by the end of this decade, I will take those same steps to become even less involved with work and have more times with my kids who will be really developing and that will be my focus.The difference once I made money, and was able to make it make money for me I de-risked by eliminating leverage.

This reduces exit options and affects the value. 10) Small number of small units is the most expensive residential development there is.

This can help you gain experience and start to network and develop a team of people who can help you invest in future deals.  

The macroeconomics are on fire here with population growth, job growth, and companies developing and building here.

lat=43.1688001618486&lon=-77.6159378282709 I’d also suggest considering whether you live or work nearby, so you can stay informed about any developments. 

I use a spreadsheet I developed to determine my entry costs, carrying costs, cash flow, tax write offs, appreciation and exit costs.