Depending on what tax bracket you are in, and whether or not you are subject to passive loss restrictions in the eyes of the IRS (i.e. make less than $150k per year in active income, or qualify as a professional real estate professional), that annual total would then be added to your federal tax return.

In my personal and professional opinion this is probably not the best time to buy a rental property in New York City.

I’m in State College and completing high end flips geared towards professionals and University staff.

@Robert SchumacherI will leave the color choice to the professional designers.

$4k a month tenant I would go to a professional.

They update constantly with new features that can do more and once you get it set up to your liking everything is automated. 

You are going to want to talk to several professionals in your state for this one as it is a legal maneuver that amateurs or even professionals not familiar with the details of your situation on the internet probably aren't going to be able to help with much.

They know how to milk more money, in my opinion, and would ask a for a couple more opinions from other professionals in the industry

When we do get into to contact the lack of timely professionalism on simple request leads to more frustration.

Readers are advised to seek professional advice.