Bottom line is that first, you have to go lighter, second you have significant prep work, and third if you do some searches you'll read lots of people that wish they had not done it.

There are lots of hidden charges that get tacked on in addition to what you see on price-line, kayak, or the rental website itself. 

Our combined annual income is ~200KWe have investors presentations lined up, but I wanted to go in with a property and what our plans are.But I've been looking for the past two months and can't seem to find anything on LI/NYC, that seems reasonably priced.

@Brandi Jones When I read your subject/title the line from Jay Z "allow me to reintroduce myself" played in my head.

In the process of doing this BRRRR I had to deal with a broken water supply line at 6 am, a roofing contractor that didn't do a good job and left my roof leaking in various spots, and a call from my new tenants saying that the house was flooding because apparently, as we found out later, the plumber didn't weld the copper supply lines to the shower valve correctly and water was coming out from the wall.

If it's residential it's over 27.5 years straight line depreciation. 

Find houses that look the same, same square footage and beds/baths.

We should connect.I understand about the taxes but the bottom line is if it cashflows to your requirements, then the property tax doesn't matter.

We owned a 2 bed 1 bath that we purchased in 2006 and shortly after buying it we learned from the city records that the 200 SF bonus room was not a legal addition and the walls were basically poorly mortared cinder block on a concrete floor that was covered up with drywall to make it appear like a finished space.

Not $2,700 worth of difficult for sure and I could do it in 2 days max including assembly of the cabinets.Had a bid for $800 to tear down the top 2/3 of the brick facade; took us 1 1/2 hours with a hammer drill.Bottom line, hiring contractors would probably eat away about $20k in profit if I hired them vs DIY.