You have demonstrated your ability to save, coupled with the fact that your credit is excellent....You are on your way to achieving your RE investment goal.But, you might want to look outside of NY as well, so that you are not turned off completely from getting involved with RE investment because of the NY high priced market.Frankly, I myself have invested out of state because of this very reason.

I, for one, am excited to get more involved in the community.

You'd do better to get involved with a community bank interested in aggressive real estate lending.

@Joel CustodioMy team & I are heavily involved in the Cleveland market.

Also, I am concerned about how long it would take to recoup my money as well as the risk involved.

I can't wait to get more involved and chat with y'all as we all move toward success!

Once you get involved, light bulbs will just come on.

But for this example, lets assume the bank is going to finance a out of state investor for this (which may not even be realistic if there is not already a relationship involved).

As far as I know the FHA 203(k) loan has a lot of paperwork involved, but will lend you the money for the purchase AND the rehab.You still have to have the 3.5% down payment.  

It is likely that the buyer will want the agent involved because the agent can guide the buyer through the whole process.