@Ryan Brown, I am not an NYC landlord and know you are subject to different laws than I am in Ohio.But, typically, as long as their shower head is fully functional, I cannot see any reason why you would be required to replace it for them.  

These are typically individuals or private groups.

Keep in mind that if you are getting a license for your own deals, e&o insurance typically will not cover your own deals.

Some of the best spoken words I have ever heard "I also understand that the real money will be made on the 3rd, 4th, 5th+ deals, so my primary concern is getting started, getting experience,"If I were you I would do exactly what you are doing....Educate, network, and take action...I am not sure if it matters whether you flip or hold to get started....the least friction way to get into the game is typically house hacking if that is an option. 

If so, reach out to them and ask about the experience You have made a very interesting point on house hacking that I never thought about; have land with essentially another house on or beside it.

It's essential to evaluate each deal individually, considering factors like your specific market, property condition, and your own risk tolerance.Here's a quick summary of what you might do:70% Rule: Use this as your initial benchmark to assess deals, especially if you're looking at traditional financing with 70% LTV as a goal. 75% Rule: When you have access to lenders offering DSCR loans at 75% LTV, adjust your analysis to match this new lending option.

@Manny Martinez FHA monthly mortgage insurance is typically 0.85% of the loan amount, so you are effectively already paying the rate you were quoted, $200 per month on an $80,000 loan amount would be about the equivalent of a 3% interest only loan, now factor in the difficulty in finding a 2nd mortgage in todays rate environment that low and assuming the refi rate you are talking about is a fixed rate, your $200 extra per month is paying down the balance of the $80k further reducing the effective rate you are paying on the $80k, all while paying about the same effective rate on your existing balance when you combine your rate and MMI... seems like it is a good move to me or at least better than finding a 2nd mortgage.

What is the typical amount someone might ask for so that it wouldn't seem unreasonable? 

Trying to time the market typically leads to .

A typical budget for those would be 5% of incoming rent for each aka 15% total. 4.