Based on what you described above, it sounds like he used all the tricks he learned presenting on behalf of Dave Lindhal, just now in his own mentorship program (I.e. sponsor deals for students, crazy acquisition fees, big pressure sales pitch all throughout, etc).

There are consulting companies who do this (for a fee) and i can also share some contacts if you need some. 

I find condos/townhomes to be easier to manage out of state because the HOA handles a lot of the maintenance, just be aware of condo fees and find a place that is reasonable like $300-400/mo or less if you are lucky.

It is my understanding that the new owner will have the house at the cost basis of my purchase price, for calculating capital gains taxes or depreciation.For gift tax purposes for you - FMV.For capital gain tax purposes for the recipient - your original basis/purchase price 

Rentals boil down to how much do you net after paying principle, interest, taxes, insurance, and a maintenance reserve.  

I'm looking for referrals for a custodian, tax attorney, and a CPA to set one up and advise me.

Simply put, we start off with the As Repaired/Completed Value (ARV), then subtract from that number a reasonable profit, the rehab cost (scope of work), which we've gotten good at, a contingency reserve for any "unexpecteds", our cost of capital/carrying costs (interest and costs of the leverage used), and our costs/fees on the buy and sell sides of a flip.

You will get a ton more business, and their fees are easy to make up for...

Have any idea about Gift tax in NY?

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?