It isn't impossible but as @Jimmy Lieu mentioned, there is a steep learning curve.Depending on your liquidity, out-of-state buy & hold rentals could be your best bet if NYC investing is out of the picture.

I originally used liquidity from a refi, HELOC, and a personal LOC to make the purchase and then refi'd that money out after closing.

Feel free to inquire about their staff qualifications if it's a larger organization.2.

Leverage magnifies return. 3) The effort involved in adding an ADU is comparable or larger than a rehab associated with a BRRRR.

Hey @Eli Edwards,In my limited experience New Western, and any other larger company who is geared towards wholesaling properties, generally doesn't leave much on the bone for the end buyer. 

This either sounds like a seller looking to "retire" and liquidate his holdings or a Section 8 owner that hasn't kept the property (or rents) up to market levels.So, based on the numbers you're using, what return (IRR, Equity Multiple, or ConC) are you estimating you'll generate over your expected holding period?

Now the issue of attaining liquid cash.

We have managed to build a solid liquid nest egg, but I'm hesitant to lock the majority of it up in a low LTV mortgage on a really expensive primary residence.

I've consulted a few times over the years with planners and with the way I buy properties, my liquidity requirements, and my concerns about about how government overspending affects the future, makes me a poor candidate for IRAs and 401(k)s with the stifling regulations.   

Ideally, if you can’t start in your town, try to choose the closest town to you with a larger population.