I would like to seek out a mentor here in NYC.

I rarely see the benefit of sheet vinyl...subfloor has to be nearly perfect, it's a pain to remove when glued, and has a tendency to be torn by tenants. 

As was mentioned often times there is a reason why the buyer seeking SF is not at a bank getting a conventional loan.  

Lots of good Chicago connections for you to make on here so seek those of value is my advice.  

After seeking the estimate of several contractors that mostly turned out to be less than professional , I have chosen the one for this project.

They want something much more passive than I need, are looking to park cash, are seeking tax benefits, and can tolerate much lower cash flows.  

I am currently seeking a Property Management or Leasing position in the Citrus Heights, Roseville, and Sacramento areas.

just got introduced to the podcast, and have been devoting myself to learning about investing.. Now I need to start with my first investments

Otherwise, I would seek hard money. 

If the income covers expenses, debt service, etc. and still leaves a profit, and cash flow is your goal, that would be a fit in my book.If you're seeking equity, and have cash to put down on it, it could still work.Sorry to be non-committal, but these are questions you need to ask yourself: what are your goals for his property and does the overall situation meet those goals?