So just purchased my first rental property last week and during closing the seller of the property got stuck paying a lean on the property for $4000 dollars due to several different old tenants not paying their electric bill. 

Although not ideal for investors, Im torn because with the money saved on the down payment and closing costs you could buy down interest, put a down payment on another home in a cheaper place etc.

Most sellers do not want to deal with FHA 203K due to the timeline it takes to close but in a slow market its possible.

I have questions regarding the DSCR loan process and the associated closing cost.

Does anyone know of any good cities to start out in that's somewhat close to New York City ?

- how did you determine rehab costs  - Are those closing costs for both the acquisition and selling?  

But they aren't right in every circumstance, and you may want to keep 1031s in your back pocket unless you have a well-thought out justification for going through the hassle of listing, selling, paying closing costs, searching for a new property under 1031 time constraints, and then buying two new properties. 

I would like to credit back a portion of my buyer's down payment on a house, say a few days after closing.

My wife and I ultimately want to purchase our first rental property in the Allentown/Bethlehem/Easton, Harrisburg, or Pittsburgh area since those would be close to home.

The neighborhoods close to the medical center area are not good neighborhoods.