But, we also saw some opportunity close to us here in New York and are continuing doing research on the New Jersey real estate market.NY is highly competitive just like any other state but it is very expensive here.

In other words, you should be able to get 80% for the acquisition and then 100% of the renovation as long as all in, the costs of acquisition and renovation don't exceed 75% of the ARV.Rural properties are a concern for most lenders, so if the cabin in upstate New York is too rural, your exit strategy of long term funding may not be viable. 

Schedule E rental activity - a rather trivial failure"...petitioner and a relative cosigned a mortgage for a three-family house in Brooklyn, New York.

As many as 53 highly profitable businesses—from Exxon Mobil to AT&T to the recently relocated Tesla and Hewlett Packard Enterprise—choose to hang their hat in the Lone Star State, beating New York and California.This is no accident.

Meanwhile prices are up 24% and days on market are down 12% (15 days down from 17) so everything is still flying off the market at 24% higher prices. https://www.rockethomes.com/re...As long as people keep fleeing high tax low return states like New York and California to Vegas where they can buy twice the house for half the price and keep 100% of their income while lowering their cost of living.

Alaska, Arkansas, California, Colorado, District of Columbia, Georgia, Hawaii, Idaho, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Montana, Nebraska, Nevada, New Jersey, New York, North Dakota, Ohio (regarding mortgages, Ohio follows the race statute), Oregon, Pennsylvania (regarding mortgages, Pennsylvania follows Race), South Dakota, Utah, Washington, Wisconsin, and WyomingThe second interest holder being entitled to equitable subrogation can also change the priority of interests.

As New York is expensive as California, I started with out of state. 

Background:  I am a 31-year old New Yorker who is looking to purchase an investment property in/around New York City. 

Quote from @James York: I’ve run in to a very similar situation.

@James York, That's a tough nut to crack.