But this is starting to change as I'm currently pricing DSCR rental loans at or below 7%.

My current track record is only dealing with house flips.

The value add will be in the operations as the current owner(s) haven't kept their fingers on the pulse to run it at it's peak.

No need to reinvest.  1031 exchange - Only for investment property -requirement to reinvest in new investment property -profit is tax deferred indefinitely.And if you're fortunate enough to meet both sections (property currently used for investment but you've lived in it for 2 out of the previous 5 years) you can take advantage of both!!!!!

Lack of adequate heating facilities.Violation 4: Hazardous PlumbingNarrative/ Ordinance Description: Please repair and replace exposed piping from the property water is currently turned off.

Ive been struggling currently raising capital for a couple of funds....

If you have a loan that's not current and in good standing at present, any financing is probably off the table until you cure. 

My name is Elliot and I'm currently a NYC resident and i would like to ask for guidance on where to start investing in NYC i would like to invest in a multifamily unit here in NYC but the prices are a bit high.

They sent me the figure with wiring instructions and I sent the money to bring the loan current.

Using the current primary for a year is a conservative good idea.