@Steve Babiak  pretty well covered above and the reason when I did my second HML venture I only used bank LOC's and no private investors... lots of work keeping everyone happy and answering all these type of questions.However for brokers who work in this manner IE with the individual or pooled investors going through this initial pain of attracting investors, once you have them and you and the loans you source perform you can build a client base that will last for literally decades..

NY is a pain from what I've learned!

The pain of going through an eviction and facing potentially large losses and legal costs is far greater than a month of vacancy to wait for a better tenant.

I include the physical location of the building along with size, the reason for my use, and stating that tenant will provide access for  ingress and egress at all times, and not block or obscure the entrance. 

As an aside, I have a property under contract a few blocks away from you on Reinli.  

The 2 buildings together,could be gutted and rehabbed to single family homes and resold for 275-350k each, the area is 3 blocks from the water also, and one of the areas hottest neighborhoods- Yes it is not listed, again my partner has it under contract.

I started doing it myself with the 3 month filters since they are a pain to change, and the tenants weren't doing it.

(You can also learn the painful lessons you must learn on a smaller scale before you start with bigger numbers.)Of course, that only works if you have the time, skill, and inclination, but it is the route I am taking.You might be surprised at the deals that are available on the low end right now.I am not opposed to debt used wisely and competently, but I support your idea to go without it.

Sometimes short term gain = long term pain.

Its a pain to connect and disconnect, and you risk damaging the faucet if you're not careful.