PS I wouldn't be surprised if areas close to and within NYC would charge more than $600 per year for MLS access.

I would be patient and wait for the right deal to come along and in the mean time just get out there and talk to everyone you meet about what you want to do, you maybe surprised.

A good deal as a buy and hold, means one where the rent payment covers the loan against it plus taxes, insurance, maintenance, CAPEX and (from my perspective) an "Oh damn" surprise fund.

Just listen and right down the things that make no sense at all, then hop on BP and ask away/search and you will be surprised how quickly you will start putting all of the pieces together.

The odds of selling fast are low, projections are often wrong, surprise costs cannibalize profits, and permitting processing and costs are getting worse by the year.

Surprisingly many of the deals met the 2% rule before getting them for less anyways. 

Having been in the real estate and development business for a few decades, I actually was surprised at how motivational the book was, even to someone like me.

Then the market will adjust where homes in areas that are too risky just can't get insurance so will draw cash only buyers willing to take the risk on their own, and the areas that are statistically safer will become the norm for people needing mortgages, with the benefit of no surprises when/if  something happens as you know your insurance company is required to cover, maybe just a higher deductible.  

@Vijay Prabhakaran I presume you found a company by now, but for others I would advise you to screen them thoroughly and find out what they don't do well so you're not surprised.

You will be surprised how quickly you will have a down payment and without debt to boot.