I'd love to hear your perspective!

While I haven’t invested in NYC specifically, I can share a bit of perspective: For a 3-year timeline, buying can make sense if you’re confident in the market’s appreciation and can find a condo with flexibility for renting it out later.

That insurance lesson is gold, props to you for keeping perspective and having a solid team to help you navigate through it.

For a $1,500 SD, they would most likely ensure an amount close to $2,700.From my perspective, we should never move in a tenant who cannot afford their security deposit.

So from my newbie perspective a 75% all in of ARV appears realistic but I need to get some experts on my team to run the numbers and get things moving.For capital I could use 90-100k of my own cash, so who should I contact first to begin building this whole BRRRR team?

Meanwhile, a regular 1031 can be less complicated to manage if your main focus is simply deferring gains.Considering how property values and financing rates have shifted these past months.. do you think an OZF might be a better strategic move than a 1031 in your situation?

Hey Tim, Thanks for your perspective.

Markets shift.

As mentioned elsewhere, breakeven on cash flow is not the same as break even for taxes.Let's make some assumptions:Rental income = $1000Mortgage payment = $400 - but $300 is interest and $100 is principalOther expenses (repairs, advertising, utilities, etc) = $600Depreciation = $250The above scenario creates a break even from a cash flow perspective, however the tax scenario looks like this:Rental income minus the mortgage interest (principal is not deductible) minus the other expenses minus depreciation looks like this:1000-300-600-250 = $150 LossIf your income is over $150,000, then you cannot deduct that loss, but you can roll it over to future years. 

This is just a shift in the way we have be taught to think.