He combined the two into one because the bank wanted to.

"Luckily", I'm already familiar with long distance/absentee ownership so combined with out of reach CA prices, I'm willing to look at different markets. 

@Jordan GitchThere are plenty of private lenders our there who offer unique and create financing options which would work for your BRRRR strategy.  

Anyone can open doors, so make sure you are asking your sponsoring broker or team lead how they plan to help you create UNIQUE value. 

Combination of a Sofi Loan, 401k loan, Bank Loan, and Credit Card Balance Transfer How did you add value to the deal?

Going more than 1.5 miles for an appropriate comp is fine, especially since this sounds like such a unique property. 

For 2020 forward, the form is actually 1099-NEC.File if you make payments of $600 or more for services, in the course of a trade or business, to independent contractors in any combination of cash, check, e-check, and certain third party payment platforms.Payments to a corporate tax entity -- C or S -- generally do not require a 1099, unless the payment is for legal services.Most rental owners who employ PMs shouldn't be issuing a lot of 1099s. 

Like @Kenneth Garrett I do not think it is wise to buy a building with these non conforming units unless your numbers work with out it and you have a plan to either make it legal or combine/duplex it with the unit below it or above it to add value to a currently conforming unit. 

NYC SROs are a unique animal.

I used a combination of seller financing, private lending, and business credit to get the deal done.