I did think about perhaps offering to rent to them for a specified amount of time at below market value (enough to cover the taxes) till they can get things figured out.I want to do everything I can so not to come off as a prick.  

You asked about the risks and benefits of using leverage in real estate investing.The reality is leverage cannot be avoided, usually, in real estate investing.The risks are you get over-leveraged and your don't have enough cashflow and reserves to weather a market shift, extended vacancy, or major repair.The advantage is you increase your ROI by using other people's money and as little of your own money as possible.

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

Go to Etsy and search for "rental property tracker," and you will find hundreds of nice spreadsheets to track 10-20 rentals, usually for under $10.Software has extremely helpful features like online payments, marketing syndication (click a button, and your property is advertised on multiple sites), electronic document review/signing, maintenance tracking, and owner reports.

There are some that will post on the Bigger Pockets market place but you'll find tons of them on Facebook.  

waiting and saving capital to purchase when the markets better?  

FYI August is a slow time for the NYC market.

What works in one market may not work in another.Feel free to reach out if you want to discuss strategies or specific markets further.

Oren K. thank you for the additional information.

I haven't explored the market yet for that product.