I needed to get my feet wet in REI and set my criteria based on a low-mid range, new SFH with previous owners (to ensure minimal surprise issues) in a family-friendly area.

This will minimize your cash out of pocket (zero down loan) and maximize your arbitrage (ie leverage) while your renters pay your mortgage for you. 2) Find a better cash flowing market than New York (look in the Midwest or Southeast) and start buying more rental properties.

I recently bought my first multi-family. I offered 7K above asking, minus closing costs. Still, I had to bring over 8k to the table for "cash to close". Is there anyway to mitigate the amount of cash you need to bring...

Rounding for the sake of simplicity to $130K profit, what strategies could I employ to defer/avoid/minimize capital gains tax.

For these inter-cultural agreements to exist harmoniously it is generally not a requirement that either side needs to acquiesce to the other per se, but rather that shared respect for a minimal level of common laws/truths/norms are upheld by both parties; the clearer the better.  

Many states require landlords to mitigate damages, and since it is hard to collect more money from tenants, it's in your best interest to re-rent as fast as possible so that no more than the entire security deposit covers your loss.Lease cancellations before move-in are not uncommon, and this is what security deposit protection is for.Let the new lessees know the purpose of security deposit, and that you're doing everything you can to minimize the penalty they have to pay.But go on Avvo and ask your local attorneys just to be sure.oh, and get their lease cancellation and reason in writing.

I need advice on how to best handle this to minimize capital gains taxes. 

Take a hit on the interest penalty but so be it if I can work it out to be minimal.

For a $190k 2-unit in New Jersey, I will theoretically cashflowing positive $250/unit at $1300/unit (typical rent for a 2 bedroom in NJ).At $170k-$200k, with $500/$500/$750/$750, you'll be looking at similar return ($2500 cashflow minus mortgage/insurance/taxes/fees, etc. so net positive about $500 in total) but since you have fewer units, that will be about $125/unit net cashflow assuming taxes/expenses are similar. obviously if you self manage and it's a BRRRR/fixer upper that you totally reno first, assumption of repairs/capex/property management fees will shrink dramatically.I highly recommend using the BP calculator to figure out if it's a good deal, but unless it's in total disrepair and can't be occupied, at $170k-$200k with minimal upfront reno costs, my gut feeling says it's not a bad deal.

minimize my vacancies. and don't nickel and dime on fees, or charge exorbitant fees for simple cheap tasks.When I look at zillow, I see management companies that are not proactive in finding replacement tenants.Ideally, prospective tenants should be touring the place as soon as tenants give 30 day notice, not waiting until the tenant moves out and the place is empty.