I started a Partnership with some friends and relatives who mainly are Stock Market Investors.The purpose of the Partnership, in this case an LLC, was to purchase a $1.5 Million 3 Family in Brooklyn, All Cash.3 months ago I told everyone to pull out their cash in the Stock Market.They completed their stock sales a few weeks ahead of the Market falling off the cliff.I then closed on the 3 Family at a very good Price, collected a $40k buyer's commission as I am also the Buyer Broker, and just finished renting the 3 Units, signing the last apt lease in a few days, getting approximately $6k per month in Cash Flow for the 1st year.Not only that, I am securing an Investment HELOC at a 50% LTV, so roughly $750k, which I can use to investing in the Stock Market.I had already anticipated the fall of the Market as the inevitable Corporate Tax breaks had to wear off eventually.There just isn't enough consumers that benefited, in my opinion, therefore Corporate Revenues cannot increase and profits has to either stabilize as the max Corporate Tax breaks levels off.Really, only one way to go.I am anticipating the decline to last for a while.As an Trader, however, I will eventually buy long term growth stocks but also hedge it with PUTs in case I get in a bit too early.My friends and relatives are ecstatic as they probably saved a decline in their net worth by as much as a $1 Million.BTW, there is an old saying, "It is easier to make the 1st Million than it is to keep the 1st Million."

How much would places rent for and what level of renovation did properties need to attract tenants.

There's nothing wrong with taking on a modest fixer-upper in the beginning and taking on more challenging ones as you become more experienced. 

@Reid MathewsGenerally speaking, if your rental activities rise to the level of a 'trade or business', any costs that are 'ordinary and necessary' for running a rental real estate business can be expensed.

No real estate investment is guaranteed and most don't reach the level that credit cards charge in interest per year, even flips especially if you are using a hard money lender.

with wholesalers ( who are not licensed) it is totally caveat emptor  BUYER BEWARE.as one that deals with these folks ( not on a personal level but on a funding of my clients level) one removed.its just a lead.. you MUST do your own due diligence and decide for yourself.. 

In other words it shouldn’t stop section 8 money at the local level housing offices atleast not for a long time .

A commercial broker with this level of experience likely does not want to work on small projects.

Recently, I have successfully turned the lower level into a short term rental unit, while I live in the top half.

How did you decide this area of town would work for you in respect to the hassle level of the tenants?