@Robert BishopTo prepare for your first real estate investment, build a strong financial foundation with a credit score of 700+ and an emergency fund.

However, if you are an out-of-state slumlord, you can now pass 100% of the financial and legal liability of maintaining a property onto some poor local.

We decided the cost was too high and it was not worth it from a financial or risk perspective.  

I'm glad I said I had to talk it over with my financial advisors. :) 

You could have hired a PM and been financially and mentally better off.

--------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

As someone new to NYC, I'd appreciate insights on:The current state of the UES market in this price rangeWhether buying makes financial sense for a 3-year timeline versus rentingThe pros and cons of co-ops versus condos in the neighborhoodI'm particularly interested in hearing from those with experience in the area, as I'm looking to make an informed decision.

Was everything ok at the end or did it end you financially?

If you are looking at nationwide, maybe narrow it down to 5 or so markets that interest you and look good financially. 

At the time it made financial sense.