NYC is a big scary town and is so competitive and expensive, I either need to have the best deal and the best plan, or look elsewhere.

I recommend TDHCA over the others because the rates are more competitive.

Highly distressed properties work because the buyer pool is small so this drives the competition and price down.

I definitely plan on doing heavy research on both the market and pms and contractors in whatever area I decide to buy in before I buy. 

I may have been a bit less heavy handed in this current climate. 

If the rate/terms on your existing mortgage are competitive, a HELOC certainly gives you more flexibility, and, in some cases, a higher LTV (some banks will go 85-90% LTV on a HELOC for a primary residence).

Look at your competition. 

I've found it useful to determine when the leak is active- does it leak after every rain, only driving rain or heavy rain. only active during certain times of the year. 

In a competitive market, forced appreciation seems to be what I should aim at after I find a deal.I forgot to precise this but my comment was related to house hacking a Triplex@Frederic Babeux the decision to start with montreal, at least for the start is because my girlfriend and I work here and we wanted to house hack as an initial investment.

Yes, it's hot so competition is tough but this doesn't mean finding deals is impossible it just means you have to be prepared to work that much harder.