Thank you for checking this out… I hope this information is helpful to you or someone you know in the New York market.If you are interested in 2-4 unit properties in Queens, Brooklyn, the Bronx, Westchester or Long Island, this will give you a sense of what is happening in the NYC metro area.How ‘hot’ is the market?

Depending on the area you find a property might determine how long you live there.

Since you want to invest in another state, I highly recommend you read "Long-Distance Real Estate Investing" by David Greene.1.

I'll make a long story as short as possible:> House built in 2008, first owners used husbands VA loan to secure (220k loan), stopped paying HOA and bank shortly thereafter (current payoff 500k+). 

Ask for any records of fires in a given zipcode over the last X-months. 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $112,000

Cash invested: $30,000

Primary residence turned rental

If the interest rates come down, I can transfer the property back to my personal name, refinance, and then transfer the property again to an LLC or trust.Second and most important thing, I would like to get an idea of what type of property to purchase that best suits for STR in Chicago area , near by states like WI or MI also I am fine as long as it is closed to Chicago. 

Every market is different, but for the long term assumptions.

The one side was move in ready and currently hosts a long term tenant that covers all the bills for the property.

Many people have read books, or taken a class or signed up for a guru or coach on the benefits of MF investments, and certainly is evidenced by the recent rise of syndications in the MF space in the last few years.