Cap rates in Brooklyn are quite reasonable now (~6% can be had) and tremendous upside exists once the city returns to "the before times".

They will give a repeat customer discount too if you ask for it on your second and subsequent purchases.

@Devin RedmondThis helped tremendously.

By Loan Discount Fee, are you referring to discount points to buy down the rate? 

5-7% doesn't strike me as that bad of a discount.

I guess I should have added, he's already currently doing a 45k job at my house so he gave me a discount because he's already there.

-As was mentioned, the fact that you got it at such a "discounted" price could be a red flag. ...usually this means either A: what you think the house is worth isn't accurate, or B: there's some problem the sellers are hiding. ...either you found the deal of the century, or you're missing something, and the equity you think is there, isn't there ...why do you think you're getting this house that's supposedly worth 560k for 400k?

@Michael Rossi to answer your question of would it make sense to purchase another property in the next 6 months - most of us try to buy properties at a deep discount. 

Sometimes you have to discount it a lot to be break even.

Yes, CPA supersedes the work of an in-house accounting but having it recorded correctly is an operational process.I just recently took on a client that had a bookkeeper (not real estate focused) that messed up the books tremendously.