Having said that, if your LPs are initiating a capital call before the GP does, I would imagine the GP is severely lacking in their duties and would probably be voted out before it came to that. 

A local QI or attorney doing a few a year might be someone you feel more comfortable with personally  but their lack of depth and experience may catch you in any kind of situation gone south. 

However, I also want to throw out the potential pitfalls of lack of reserves, finding someone to refi out your purchase, and the reality of not needing more than just the 16k purchase.A better option is to find someone to partner with who can provide the funds and cut them a piece. 

Never let a lack of capital stop you from pursuing a deal.

Combine that with a hefty LIRR fee, and lack of commuter parking, and you get congetion issues which force owners to sell in Li and buy elsewhere, further away in the island, somewhere by riverhead or outright not in the island.Rents are high, which is a good thing, but I am not sure if it would be wise to throw a huge portion of the rental income on property tax, when it could go into your home.

Live-in flipping could also be done, but that's a tough one to pull off with our hours and lacks some of the benefits of the VA loan.

Then you will pay through time wasted for lacking knowledge "

We look at expected cash flow and return on capital more than NOI, although NOI/Cap Rate is a nice number to compare properties on an apples to apples basis.  

The main aspect that interests me (for the time being) is wholesaling.Yes, I understand that every new person claims they want to do wholesaling because of the supposed lack of monetary investment.

This does make it tricky to comp, but I looked at the price for square foot and its somewhere in the middle if I take into account "like structures", that is to say, total BR / BA, square footage, within that particular neighborhood.I say all of this because I still don't know at this point due to lack of experience if the location is worth overpaying a bit combined with the opportunity to get the rents up and be able to handle the vacancies easier because its a 4-unit.You all have been a great help to me working that out, so thank you all for your responses.