I'm the owner of a 3000 sq. ft. property in Long Island City, Queens.

Hello from Long Island.

We’re looking at the higher end market, consisting of 3-4br, in proximity to downtown in up and coming neighborhoods.

The Cleveland area consists of the city itself and several dozen suburbs and the suburban areas are, for the most part, holding steady or increasing in size.I know you said you're not terribly interested in Cleveland but if you've looked closer and changed your tune on the suburban areas in northeast Ohio, there are some very suitable turnkey investments available here.

This consists of an 11 unit building and 6 duplex scatter around a 3-4 block radius.

Does anyone know of a Long Island HUD approved broker they can recommend to me?  

Pro: Higher day one cash faux.Con: You need to hop on a plane (or long car drive) to visit your property, which leads to ...Con: You are less familiar with the market.Con: You are 100% dependent on complete strangers to make or break your investment for you and keep your best financial interests at heart above their own.Con: Can't easily verify work is being completed in a quality or timely manner.Con: If problems do arise, it will take you longer to find out and they will grow larger in that time.Con: If something goes wrong that your team can't fix (or in all likelyhood caused) then it is harder to for you to step in to fix it, stabilize the asset, and recover.Con: Lower appreciation and rent growth ... if you think this is speculative and not consistent, then review the last 50 years of price trends in the market you are in now vs the out of state market you are considering.Con: Lower tenant quality.

Some are very consistant and likely more consistant than 99% of rei.

.* I have a 9-year-old chapter 7 bankruptcy that was due to medical bills.My parents have offered to help me financially, which would consist of them taking out a line of credit on a rental property they own free and clear to loan to me, which I would be required to repay at a flat 10% of the money borrowed (for down payment, fixed & holding costs, and renovations).  

Do that a few times, document it, then next time go to a lender and see if they will work with you.If you are consistently looking for deals, networking and educating yourself then the money will come and you will know what to do with it.Are you a member of the Triad REIA?