Have your money ready, your lenders lined up, your LLC formed and your accountant and attorney all on the same page.Make sure your first deal is super solid and pick quality and low risk especially for the first deal. remember this is a marathon and not a sprint.

Low end new home construction in NY at the way low end is $65/sqft.

If I am purchasing a house that is in good shape, but has very low property taxes, what are the odds that the city will re-assess and raise them right after I purchase the property? 

The property cash flows and the rents per square food are about 20 cents too low.

Putting more down payment is a way you can make the numbers work better but the more you put down the closer you are to conventional financing and thwarting the benefit of low down FHA financing.The SS rule requires that the gross rents of all units even your owner occupied unit X 75% is greater than your monthly PITI (prin/int/tax/ins monthly payment).

To be fair I am a strong applicant as far as low DTI and credit score over 800, but still your rate seems high.

Also, the 40% estimate may be low, as you would increase your gross income by $100K and could easily move tax brackets.

Vince Mack Wholesaling is promoted as low risk / low cost way to make money in real estate but it’s tougher than the gurus make it sound.

Both these are severely low, as there are similar houses on the same street w/ no garage & that still needed work done for 265k.

I'm assuming you have a 5 year agreement with your seller to you though.3 - $500 for a buyer option con. is pretty low.