Perhaps my son being one of the tenants will help to mitigate the damage?

This can help mitigate potential damages down the road. 

You need to mitigate the capex, the tenant risk by consolidation of units & higher quality placements. 

I mitigate some of this risk by relying on section 8 exclusively going forward. 

You can share that with your accountant and start to have a conversation now of what your tax liability (if any) from this deal may look like and start to develop plans on how to potentially mitigate those if they are substantial.

Because than that Brokerage brand can spread those cost's out over the big pool thus mitigating those cost's down. 

Hoping to find tax professionals/CPA's to help us make intelligent decisions related to our top goal of tax mitigation.

Diversification of your portfolio, both geographically and by property type, can spread risk and mitigate the impact of localized economic conditions.

Now you do have an obligation to mitigate your losses.

If yes to invest in NY, what would be the recommendation criteria that I can implement to protect me to some degree.Hey Jessenia, if you decide to stick with NY, focus on understanding local laws, tenant screening, and working with a good property management company to help mitigate risks.