I've not yet done the math to determine which strategy would save me more money, but the big cons of this areNo primary residence, therefore slightly higher interest rates, 20 - 25% down (but depending on the market, this may very well be equivalent to 3.5 - 5% down in LA).Depends on the quality of tenant screening, but it's probably safer to assume that they won't take as great care of the property as I would.Probably need a property manager, professional or tenant.Either strategy seems to net me the same cost around $1,500 monthly, but I'm biased towards Los Angeles as I can rent to friends which solves a lot of the tenant/landlord issues.I'm not looking for anyone to give me all the answers but would appreciate any insight, food for thought, and constructive criticism. 

So, taking out money out of LLC has nothing to do with reporting the profit you made on the deal.this might be little confusing so it is best to talk to a qualified professional. 

If your loans are with a small, local bank I'd suggest talking directly to them.I think an LLC or DBA makes sense from a professional point of view.

You must install it or have it professionally installed.

I have money coming in from rent, investments, my regular job, and other side things, so I'd like to work with a professional to help me do everything correctly next year.

I previously had my taxes done by a family member's accountant in a different state, but this year I'd like an accountant in Texas.I have money coming in from rent, investments, my regular job, and other side things, so I'd like to work with a professional to help me do everything correctly next year.

Do not replace carpet with carpet unless you have no choice.... in the long run, it will cost you more $$ since it will need to be fully replaced every 5-7 years on average and sometimes more often...and require professional cleaning periodically etc etc....LVP is my recommendation..... decent stuff is $3-4/sq ft (you can go cheaper) and will last much longer and hold up better

Sounds like a professional tenant with lots of experience.

Depending on what tax bracket you are in, and whether or not you are subject to passive loss restrictions in the eyes of the IRS (i.e. make less than $150k per year in active income, or qualify as a professional real estate professional), that annual total would then be added to your federal tax return.

In my personal and professional opinion this is probably not the best time to buy a rental property in New York City.