But, I'm sure that a long term thesis, grounded in fundamentals, will do super well in NYC.

Furthermore if they are always paying they probably will stiff you in the end if they know they aren't going to get the deposit back. 

If you pay off a property or owe more than it’s worth, you can still owe or not owe capital gains tax.

A miscalculation can eat up your profits fast.Speed is Key – The longer you hold the property, the more you pay in interest, taxes, and utilities.

One of our residents was robbed outside of this property and we ended up paying for the resident to move out and sold this property.

If they failed to pay the bill and utilities are shut off, they are responsible for any damages caused.

They pay their bills on time and make good tenants.

For example, I mention that every adult must pay a $XX application fee, pass my credit/criminal background, make a combined income of 3x the rent, and whether or not the property accepts pets.

How do you pay for the tax and insurance?

You can't actually pay it off directly because they've been securitized, and the people who invested in those securities did so because of the specific certainty of the payment schedule.What you do in a defeasance is use the proceeds of the sale or the funds from your new lender to purchase treasury bonds that are packaged to make the exact payment amounts and timings on the remaining term of the loan, and then assign those bonds to your old lender.