One thing to keep in the front of the pages, is to remember that the equity will have an APR, depending on the property you are aiming.

My apartment building is stabilized under the J-51 program which is an incentive for landlords to update older buildings as long as the keep the rents stabilized for a certain number of years.

It is technically "move in ready" but it is a 3 bedroom house versus a duplex where we can hope for 4 beds (and 2 doors) which would mean greater rental income.

It's really hard to say with the specifics you have but definitely keep yourself protected.

You should definitely always keep this in mind when underwriting these investments.

.- When starting out, keep in mind that everyone speaks based on their experiences and mindsets.

Keeping your payment in the range of rents (allowing for expenses a homeowner will pay and a tenant doesn't) tends to keep owner-occupants on track.Your attorney or an attorney-owned title company can create the docs and manage the closing.

Might be worth keeping it for a couple of extra months to hit the 2 year rule.

How long should we keep our insurance property (if we can even do so) in case the tenant decides to sue us?

This means I would take over the loan and pay 2k/month on top of needing to come up with 280k.