I think there's pros and cons to both, but to be clear in other scenario I want to lead or be actively involved in finding and managing the deal so I can begin to build up that muscle.

As sch C income is "active" trade or business income and falls into a separate bucket, you would not generally be able to offset sch C income with your Sch E losses.The passive actively loss rules generally do not apply to real estate professionals.

FYI, Bushwick, Brooklyn NY is a very active rental market with increasing diversity of population ethnically and socioeconomically

You have Repairs listed at 20% so if you are essentially saying vacancy and repairs are 10% each that is fine.If you're getting $1,300/mo on a place you're paying $50,000 for that is good......UNLESS it's in a D or F Neighborhood, in which case the cashflow can look great, but in reality be horrible because of constant tenant turnover and unreliable tenant activities. 

@Mathew Wray is very active on BP and always provides sound advice and quick responses!

Hi @Chris Berry.For the last decade or so, we've obtained credit, criminal, and eviction reports from SmartMove by TransUnion.

Bigger Pockets has state specific forums and the New York forum is very active. 

If the occupants start intentionally damaging the property, call the cops and file a criminal complaint. 

I am active duty military and I have used my VA FHA Loan and I know mostly how it works.

Stay active now as the winter is the best time to look!