I think a sale is probably the best thing sell for what its worth dont let an investor suck him into some wholesaler suck his equity from him.. sell re group and move on.. 

.- Sometimes, the best move is letting go of a problem property so you can redeploy funds into an asset that aligns better with your long-term goals.That said, if selling now would put you in a worse financial position (due to tenant complications or a distressed sale), you may need to stabilize it first.

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.: Quote from @Jay Hinrichs: Let me break your post into parts, as each concerns a different subject and as such requires a different response.1.

Let's of NYC investors look at other cities in NY, Rochester, Buffalo, etc... they can drive to them to see them, and they know the state well enough to feel comfortable.Most of the rust belt cities in NY offer cash flow as well. 

Building let's you figure out what role you want in the venture because the scale is small, but buying a portfolio gives you no time and experience to figure that out.

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Let me ask you this.Who wants to sell their house slowly?

Id take maybe 150K and get a secured line against it and lend off of it.....then just let it snowball. then the rest just use it as downpayments to get you into deals and then refi with DSCR