Now for my out-of-pocket expenses:Down payment: $7500 (Hard money loan 90% purchase price 100% rehab)Closing costs: $6500Inspection: $400Agent's commission: $5200 (didn't raise purchase price of house with seller concessions, so that money didn't apply to the commission sadly. won't make this mistake again)Holding costs: $1300 (one interest-only payment of $770, roughly $200 in utilities and $360 in insurance)Total: roughly 21 grand. 

Short term, assuming the real estate lobby doesn't sue this to keep delaying/appealing, once it goes into effect there will be no more broker fees paid by tenant *unless they hire the broker*Some long term effects I can predict already: - Landlords now having to absorb broker fees will bake this into the rent (e.g. how "no fee" units typically are priced a little higher than other units) - Real estate board will require another document (or checkbox) for tenants to sign stating that they're hiring the listing broker and responsible for compensating them for their fee *if* they apply and are approved- Regular New Yorkers will have an even harder time to find an apartment because you cannot legislate/regulate away a housing crises... 

However while doing so you also need to make sure to comply with any fair housing laws that apply to your property to make sure you are not at risk of being accused of discrimination.

To add what he is saying, You also are missing some VARIABLE cost here which should be applied to UW.

The first point I was hoping to get across is formulating your entity structures in a manner that will achieve anonymity does not prevent claims from arising.To apply this in a practical manner, I volunteer myself. 

Recently 2 new grads from out of State applied to rent my vacant 3 bed apartment.

@Ray HernandezI would reinforce what @Will Barnard said above and try to apply this strategy to both options.

Appreciation is not evenly applied in a market.

Can be side hustles, education, applying at other places but income is a huge factor in order to invest.

Fair Housing may not apply to you, but you should know for sure if you intend to deny their request.2.