Hello Monique CoatesI watched Jerry Nortons.Power Flipper 3 X two weeks ago and was very intrigued by his platform which he offers all training, software that he created to locate, analyze and estimate rehab, contracts for offers etc.

I think both of your strategies have merit, but here’s my take based on what you’ve laid out.Moving to a rent-stabilized apartment and renting out your condo as a mid-term rental could be a smart pivot, especially with its location near a hospital and LGA.

The key is to purchase in desirable locations where demand for rental housing is high, ensuring consistent occupancy and the potential for rental rate increases over time.2.

Unfortunately, every state and every locality has different laws and what works in one location doesn't always work in others, so you have to be very careful about the 'free' advice that is given in online forums. 

If you chose to go out of state, then I would be sure to pick quality locations (B class or better).

Where is it located?

However, what is far more important for financial freedom is the location/city where you invest.The city where you invest is far more important than the current interest rate.

I had been a tax client of Anderson in prior years, but never signed up for any of their client programs.

@Tom S.1) Under the IRS multiple loan rules there is a 12 month look back period (see reference to 12 months in the IRS post) whereby the highest outstanding balance of any loan during the prior 12 months will be considered outstanding for purposes of calculating how much you can take on a subsequent loan. 

@Chris Kay - Bigger Pockets has an older book now called "Estimating Rehab Costs" that was published prior the pandemic.