So we have a networth so far of:104k - 15k = 89kBut, we depreciated the property for 2 years at 3.7k/yr total 7.4K taxable amount  which we would owe about 1.8k at 25% tax rate (I might be off a bit here and there)Final total net worth from what we thought it was 120k now is 87.1k which is a big difference!

For questions on taxes, you can find every states guidelines easily online, but talking with a quality CPA would be the best option.

( Can't find any info online for the NYC market) Is there a process to try and get the property in a short sale before it goes on auction, If so who needs to be contacted?

Everything else is in line and depends on the property you are purchasing.Price: $71,733.48County Taxes (4/24 to 7/1): $80.58County Sewer (4/24 to 7/1) $35.93HOA Dues (4/24 to 7/1) $425.60Recording Fee: $60Title Company Fee: $136So my total closing costs were $738.11 or 1.03% of the purchase price.I'll try to dig up my last flip that I did in California to give you an idea of what I paid there.

To give you more time to find your new property.You have the info for our online order portal now. 

I totally get it.

Resources such as books, online courses, and real estate seminars can provide valuable insights.Step 2: Define Your Investment GoalsIdentify what you hope to achieve through real estate investing.

I concede I'm a bit conservative but look in the mirror and tell yourself honestly that you have practically no real estate knowledge and no real estate experience and then ask yourself is that's the footing you want to be on as a basis for totally disrupting your life and risking $250k. 

The rent you pay is an expense and it would go on line 20b ("Other business property"). 

My personal portfolio consists of 4 rental properties and a total of 8 units, with 5 of those units being utilized as a STR.