Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.2.

One challenge to manage is being able to clarify for lenders on those rentals (if you have them) which amount of the premium should be paid for each rental so that they do not include the entire premium into their escrow analysis, inflating your monthly payment on that rental. 

I wonder if you could look on Zillow or Redfin for apartment rentals that have been unfilled for say more than 100 days.

Especially on the rental side where prospective tenants may not care because they aren't living there long term.I live near a freeway where sometimes you hear it. 

I created an electronic google doc time tracker: Time LogContemporaneous time log of rental real estate activitiesActivity DescriptionTenant recruitmentTenant screeningNegotiating and executing leasesOverseeing repairs and maintenanceCommunications with tenants and vendorsTravel timeResearch for potential rental real estate (pub 925)Acquiring rental real estate (pub 925)Paperwork/bookkeeping/bankingResearch and purchase of materialsRent collectionEvictionOn-site cleaningBill paymentOther:Time SpentDateMM/DD/YYYYSubmit

Instead of jumping into an expensive Long Island market with negative cash flow, consider investing in a Texas market like San Antonio, Houston, or DFW suburbs—these areas offer strong rental demand, lower property taxes than NY, and better cash flow potential.

There is a reason why I buy properties that cost a multiple of what typical cheap rental properties are going for.

I'm Paul from NorCal, passionate about real estate investing for long term rentals I'm particularly passionate about finding deals outside of California Excited to learn and connect with you all! 

Quote from @Dan Hertler: I currently manage some of my out of state rentals, but would like to create my own property management business locally in New York (Long Island). 

Pending property prices in your market perhaps $25,000 is enough to buy a small rental house.