This might be a long shot here given the competitive nature with the addition that NYC pushes for stabilized rental units on multi families, but I am wondering if there are any real estate agents that focus on tertiary markets in NYC on 6+ unit homes. 

I think the best way to sell would be to rewrite the contract to have Mike sell to Bob and or assigns to put Bob in the position of the wholesaler, so that if the home sells for $550,000, Bob keeps the additional money.  

This is why it is important to have a competent CPA on your team who understands estate/trust/gift taxes in addition to business taxes.

It was hard paying that much because of listening to other people & reading about them finding extremely discounted properties to rehab, rent, refinance. 

That being said, don't discount opportunities outside your comfort area if you can get comfortable with it and the economics are compelling. 

If you find yourself tempted to purchase additional levels of training remember that the "special, limited, early-bird, one-time" offer is going to be heavily discounted by the end of the seminar. 

(search her posts here on BP, look up her personal website/blog for the success story.Or here's three successes I enjoyed reading about...using BRRRR (Two did it solo as couples, One admittedly used a partner).....see if you get additional inspiration from their success of @Joshua D. , @William Collins and @Austin Fruechting did in 5, 2.5 years and 7 years, respectively, buy using BRRRR (Austin was also featured in BP Podcast #239)https://www.biggerpockets.com/forums/223/topics/459415-500k-net-worth-in-5-years-im-30-today?

I am in the midst of a mostly cosmetic rehab but with the addition of a new hvac system.

The insurance names the city as an additional insured.

Invest it in a syndicated apartment deal, and you might get a 6% preferred return ($5,000 per month) plus 2/3 of the additional profits, plus all those lovely tax write offs, plus another big kick when the property sells.