As far as the purchase itself, from a buyer side perspective be prepared that even an approved short sale will still take a little while to get re-approved for a new buyer, so you'll have to exercise some patience.

If you do leave your home town you might not be able to exercise your RE license outside of the NY state. 

Sounds like a great learning experience, as well as practice exercising that risk muscle. 

I live just south of Atlanta, GA, have a lovely wife and I enjoy playing music (guitar, piano), exercise and trivia night at the local pub.Feel free to reach out to me. 

Taxes play an integral role in decision making but one must also consider non tax reasons as well, if applicable.

@Andy Ramdeen  Establish your roles and responsibilities at the very beginning. 

However, it is very rare for a bank to exercise this clause and call the loan due.

The commercial lending departments will want to see bank statements/tax returns to underwrite the property, since they aren't really loaning on your credit, but the operations of the asset.Estoppel certs/certified rent roles are a great way to get on the same page with the tenant in terms of rent rate/security deposit, but, at lest in my experience, don't cut the mustard with the bank. 

Just start going to seminars on topics you want to learn more about, events that look intriguing, etc. but exercise some discretion especially when they are charging money. 

These are mostly high-paying roles that are projected to increase the average rent rate by $300!