I hadn't signed anything and so it was easy to change course.

Auctions are a fast easy way to sell them. 

Real estate investing is not easy and it is definitely not for everyone.

If as an owner I live in the house for a few years then I rent it out again, does the old "rental control" rule come back to this same unit?

Thank you both : )Matt - For a foreigner it is very hard to choose an area, especially in a country that New York alone is bigger than my own country LOLIf for example I want to choose an area in my country, it will still be easier even if I'm not familiar with real estate and even if I didn't visit it all (I didn't see most of my country :) ), because I know the language, the people, the rules (!!)

I told him that it is the building rule and I want to enforce it.

It isn't easy to find extra money for a down payment, at this point and so it kind of leaves us in an undesireable spot to be in.

The IRS allows you to buy real estate with your IRA, with some very specific rules for doing this. 

State Island is part of NYC so you have to follow city rules on top of state rules.

(This is not easy money like it's promised by the gurus.)