My goal is cash flow, and increasing units over long term.

@Andrew MerewitzState of LLC FormationIt is normally advised to create the LLC in the state that you will be holding the real estate; Florida in this case.If you created the LLC in New York - you would be required to register the LLC in Florida; increasing your total costs.Please also be advised that it can be costly to form an LLC in New York.Location of CPAThe important aspect of looking for a CPA is that he/she understands the taxation of real estate.Technology(emails, phones, skype) allows you to communicate properly through an accountant eventhough he/she may not be in the same city as you.Florida does not have a state income tax.

GDP growth -> job growth -> population growth -> price increases -> rent increases.

(And extrapolating, try to make sure that to increase its value to full ARV, you only need to spend 70% or less of the extra value you're hoping to increase it by.

Don't concern yourself with the increase over time , you will only set your self up for dissapointment .3.

Most have a tenant rep broker they use and connect you up with them.Cap rate is usually tied to location ( urban,suburban,rural), location and quality of the tenants ( national, regional, mom and pop), and terms of the lease ( primary lease term in years, level of lease guarantee, rental increases, any termination rights, disclosure of sales, restrictive use rights, co-tenant anchor clauses,etc.).You need a void analysis from a landlord rep leasing broker.

If you can cover that $155/month out of your personal budget and rental income from the other half of the duplex, you might decide it makes more sense to keep your first property running at a small loss for now and reap the other benefits of real estate: principle pay down, depreciation, future rent increases, etc.Especially when you look at what it'd cost you to sell it at this point. 

It sounds like the rents are too low maybe or if they can't be increased I would walk away.$500 per month can get eaten up pretty quickly  by capEx and miscellaneous maintenance.  

Would you increase rent to compensate for shorter lease term?

Being that you’re an out of state investor, I would look for turnkey, 1%, B class multifamily property with some value-add potential whether it be through rent increases due to it being under managed or small upgrades that you can complete during the next make ready to increase rents.