I've personally sold a number of properties to VA buyers.

Someone to stock supplies, an appliance repair person, heating/air conditioning repair, plumber, lawn care person, carpenter, salesman, and occasionally an electrician. 

Some people love that as the initial numbers look good, but probably over the long term they get tired of the common issues landlords face.It's not that hard typically to find a move in ready property, or even to find one that needs minor repairs, where you can capture the equity yourself vs the person selling it to you. 

I've personally found the bulk of my Chicago purchases off the MLS.

It sounds like a single family house where you will be living in the house(personal use).Therefore, you may not be getting the tax benefits you think you are.Consult an accountant.I am not sure why your sister would agree to this as well, she is losing $170,000 in this transaction and she faces the possibility of you increasing her rent.You also have to charge market rent or close to market rent or it is all deemed personal use.

The numbers tend to work better, and you’re still close enough to keep an eye on things.As for NYC itself, deals are definitely out there, but it’s tougher.

I had belatedly realized that FHA goes off personal credit and therefore I couldn't use the LLC for it.

Personally, I used a business credit card to fund a BRRRR deal, securing over $90K in credit with just an LLC and a solid credit score.There are many creative financing strategies available, so don’t let capital be a barrier.

Someone local who has familiarity with this would be your best person to give you the information you requested.

He personally screened every tenant, handled every maintenance request, and even showed up to mow the lawn at his properties when the landscapers were running late.His phone rang constantly—contractors, tenants, vendors—all needing his immediate attention.