The most important advice is not to get emotionally attached to properties (If viewed as an investment vehicle, Owning for personally reasons is difference).

Spend some time finding an expert!

As you become more familiar with neighborhood values and property conditions, estimating ARV becomes easier over time.

Hi everyone, I am located in NYC and am looking to purchase my first property for long term rental investment here.

@Steve Schmidt similar to @Jay Redding and @Alecia Bolton JKP has been long time buyer of partials. 

I borrow dollars from the bank and immediately sell those dollars to owners of commercial income property that I want to own.And then I buy those dollars back over time using the cash our tenants pay us in exchange for using our space.I'm currently shorting $10M and I can't lose regardless of who wins on 11/5By the way, the dollar will always decline in value so this thesis is applicable in any election or economic cycle.Go vote for whoever you feel strongest about, but remember you have infinite more power and that which is within your direct control. 

Would the best first step be to find a good STR CPA or to first focus on finding a good cost segregation firm?

This is our first LTR and we are devastated.

First off that is amazing @Donald Aleshire! 

Section 8 can be very profitable, but it's not smart as a first investment or a one-off because there is a lot more red tape.