That said, if you have a high net worth, lots of properties and an overall large operation, an entity (or multiple) begins to make a lot of sense.

From experience, I vote for paying them to set it up because this is more realistic should you scale it up.

In my younger years I worked clean up in a emergency dept. at a large hospital.

My only question is that once you scale your business and you start looking at a lot of properties will they still be able to help you?

@Lumi Ispas  I think the reality of wholesaling out of state unless you have a very large amount of money for marketing is a non starter.. that's why I suggested buying a 1k house.. at least in the first 10 minutes of Cody looking at the internet he could find a house he could buy.. ( don't waste money on postage and such) and then he can use whatever resale techniques he has learned from others here on PB and resell for say 2 or 3k... and make some money.. without costing him more than his time..

Also properties that are in large disrepair and thus a price discount might not qualify for a conventional/FHA mortgage, more cash and more risk. 

Most likely you are taking a fairly large tax loss on this property against your ordinary income.

All the other stuff just confirms what should already be largely evident. 

It's more than recliners it's large pieces of furniture.  

As many investors have echoed - NYC is a very expensive marketYou have the following options1) Investing in NYC - require large capital and a good choice if you are banking on appreciation in the future.2) Invest in upstate NY or CT/MA/PA/NJ3) Invest through a turnkey property4) Househack(may be difficult in NYC but doable in parts of NJHave you looked into attending any local real estate events in NYC?