Taxes, costs, eviction complexity, etc are going to be a much bigger factor in your success than anything else.

If you need an LLC for tax reasons later, you can move title into an LLC later for a couple hundred bucks.

High taxes.

Have any idea about Gift tax in NY?

Had to negotiate to 999,000 only to stay under the NYC luxury tax.

@Jeanette LandI always recommend using a tax professional.

In doing so, bear in mind that the cost and admin of a corporation is higher and that the tax treatment is different:1.

You get to harvest the equity tax free.

Focus on absentee owners and start with the ones who live the farthest away and only own one property in the area since they have the least use for the property.You can also drive for dollars, looking for anomalies of disrepair and then look them up in the tax records and use a site like Spokeo to do cheap skip tracing.

Given today's market.But conservatively, at those prices ($1,100 studio, $2,100 house) they would bring in$38,400 a year. 53% of that would go to fixed expenses ($899 mortgage @ 2.15% interest, $5.8k property tax, $4k house insurance).