For those who are eager enough, and willing to forgo traditional customs in favor of a virtual approach, there are deals to be had.

I haven't personally invested in NY, but I would imagine the taxes and restrictions would be in your favor more so in FL than NY.

Our land development code is still one of the dumbest and least efficient in the country and many builders give up after a number of years of brain damage in favor of doing projects on the neighboring cities.  

The initial requirements are a favorable credit score, income 3 x the rent, and the last two check stubs.

Things like 3x the monthly rental amount in income, a minimum credit score (if you want that), no prior evictions, favorable prior landlord references, or whatever criteria you decide you want your applicants (and future tenants) to have.   

The numbers could work but I like it enough that I hope I can negotiate a deal in my favor.

If everything is good except the credit score (maybe get a copy of DL and do a criminal / civil judgment check on him and the co-signer also, since those don't show up on credit reports anymore), you might just go off employment, followed-up job and landlord references, co-signer, and very landlord-favorable lease and payment terms.

Your price per unit acquisition will be starkly more favorable than SFR acquisitions within the same locale.  

I've tried looking locally, and I don't favor the risk/reward in Sarasota, FL. 

I typically see: 1-3% acquisition fee1-3% asset management fee0-1% disposition feeWaterfall is hit or miss, but after investors get 15% IRR, often the GP gets a more favorable split. 70/30 to 80/20 split is typical$50k-$100k minimum is common