I don't know squat about NY RE, but it sounds like these sellers are trying to exclude folks using HML, and look for only a) All cash buyers or b) HELOC buyers.If you want to play in this arena, and that is what is going down, I'd suggest opening a HELOC on some other property you own with the highest maximum credit line that your equity position will allow but a $0 current balance.Offer accepted, max out the HELOC, funds arrive next day, show proof to seller.Then you would use the HML to pay off the HELOC a few weeks later, if you'd prefer that the debt be secured by the subject property.

A piece of advice... find a niche, preferably not the first time home buyer representative. 

Note investors often prefer to end up with cash flow on notes and avoid the problems of dealing with toilets and tenants that landlords have.

I personally prefer buy and holds but If I could do a flip and know I would make a decent amount of money you could always do a flip first then use that money for a rental.  

Why do you prefer a PM rather than managing it yourself? 

Rob, What you should invest in is a personal preference.

First, I prefer non-judicial foreclosure states because it's generally much faster to get your house back if you need to foreclose.

preferably south city, but I'm open to other areas as well.  

As far as our preferred locations, we are considering TX (wife is from here), VA (since we have a home here already), FL, and/or GA.

I am primarily interested in buy and hold investing and prefer to focus in a midwest market to maximize my buying power and cash flow.