I am not entirely sure how much the NY exam differs from the NJ salesperson exam, but would appreciate any insight on best way to prepare and study having not actually sat through the NY class. 

If you can afford to move and are prepared to live in the smaller unit, then you can "wait things out" until the market corrects and purchase something else at a profitable margin.  

This will be my first property in this MSA, wanted to test waters before expanding.

I ran the numbers with my dad and he helped me come up with the price I wanted so that I could go to the meeting prepared.

This testing is currently getting rolled out throughout the city.

I want to know I can be most prepared for the meeting.

I took the school test, passed, but decided not to take the state test because I discovered it was not what I wanted to truly do.

There's no better learning than doing it for yourself, and no amount of preparation will prevent you from all failures.

learned to build homes more efficiently with coordination of contractors and materials preparations.

@Jessica HuynhWith FHA, you also have the ‘self sufficiency test’ for 3 & 4 plexes which is an additional hurdle that most can’t get over in higher priced markets.75% of the entire rental income must cover PITI, which is why a lot of multiplexes don’t qualify for FHA loans without a bigger down payment.The only way to get 10% down programs will be with local credit unions and community banks that offer portfolio/ ‘in house’ loans for owner-occupied plexes.