Choose based on risk tolerance, investment strategy, and long-term goals.Good luck!

I think what most borrowers fail to recognize is that real estate is a long play.  

Long term renting can also be a good strategy. 

That will save you a lot in the long run.

I'm seeking out distressed property on Long Island that could use some rehab.

.- Find out how long the provider has been doing cost segregation studies and how many they have performed - Consider the resources available to the provider. 

Go over those things in person when you sign the lease and get agreement from them.When you have been a landlord as long as I have been, you realize that you can write a lot of things on a piece of paper: that does not mean that anyone will follow those directions.

So if you buy distressed and build in some additional equity via the rehab you can cash out when securing the long term debt. 

Once that is complete, allow them to work things out as long as you get the keys to rekey if you will (and I would) near/at the end of the month. 

Otherwise it is a short term cash flow play for long term asset depreciation and lots of turnover.