I am an investor that's trying to get his first rental property in Brooklyn NY, and besides the prices being crazy high on the properties that I'm seeing there are some that appear to be worth it.

The rent spread on similar units doesn't appear to be that significant.

Both listed the unit for $500 less than the market price and only appeared on select RE websites, never officially listed on MLS. 

The wealthy from places like China, Russia,  Ukraine or any of the crisis-gripped EU nations are seeking to store their capital in sound investments, and it appears to them that a New York condo fits the bill.

Open floor plans are great as well, it will benefit you because a unit will appear bigger then it actually is and your tenants will enjoy openess because it will create a pleasant environment for interacting within the unit. 

The property appears to need a little work, but it's in a great area and the last sale date on the property was 1983 so it seems there would definitely be some room there to make some money.  

HUD may point them in the direction of a loan modification or other alternative but, it appears from your writing that the only one that stands to benefit from them not short selling is you.

So your name should appear no where on the policy.With that being said, the name of the IRA does usually happen to include your name. 

If you are approaching them with the same intent, as it appears you did previously, what's wrong with that now?

But they are probably pretty equivalent to what you'd see in the pricier markets over here, and there are plenty of people doing well in those markets.