Money is made when you buy , not when you sell  Yeah I mean I guess this is true, but I suppose my confusion is how a property that hits every benchmark imaginable as laid out by members of this forum (1.1% rent of all in cost, <50% operating expense, 28% cash on cash return) could turn into such a burden on a simple refi?

Unfortunately there is no individual or specific governing body in regards to property management in NY State so there are a lot of illegal companies pretending to be property managers and there are serious consequences for operating as a property manager without being properly licensed in NY.

Besides your operating agreement needs this roles' breakdown anyway.

I want to get started the in the way I want to operate in the future, and I don't need more work to do anytime soon.

You and your wife could house hack, live in one unit and let the other tenants pay for your monthly mortgage and put some cash in your pocket.Even if you do choose to move away or renew your contract and PCS, you now have time to start finding a good property manager to handle the day to day operation of the property.

I met with an operator that has three 4 unit properties (fully rented) this morning.

I finally found a good one, he was small 2 person operator...so he didnt have a lot of overhead to "bloat" the price of the project.

We all must start somewhere and must prove our ability to operate in the space.

You mentioned on hand reserves and that is an additional amount that is also raised upfront. 3 months of projected operating expenses and debt payments is typical for stable properties.

You need to look at the HOA bylaws/operating arrangement and I expect they would be available for any listing.