Run your own realistic numbers vs fully relying on what the seller is telling you.

Through this journey, you will start to build a realistic criteria/buy box and you’ll be jumping in taking action.

In about 5 years it would have great returns, but I had to be realistic to my life situation, my lack of experience and decided it would probably be better off to sell the property altogether even though I have paid so much in due diligence already.

I think you’ll find that to realistically keep the place full you’ll have to offer a further discount for a monthly stay.  

IF it's just adding a bedroom by putting up a wall and moving some elctrical/hvac, or an egress window that's much more realistic.  

However, the prudent thing to do is to have an arborist look at the tree and sign off on it's condition every few years or so, or have a tree service inspect and trim the tree on a regular basis to both you and your neighbors liking (assuming your neighbor is realistic and reasonable - LOL). 

Just move on to something more realistic.

Realistically evaluate the REAL value of the furnishings, to determine if it even makes sense to store it based on the monthly storage cost. 

And realistically, the only advantages are the ability to deduct current losses as ordinary income. 

Maggie, I think a 2 bed condo is a great way to get started in NYC real estate, I just don't think it's a realistic tool for house hacking.