Know/learn the value of the finished product, back out your costs and desired margin, and that will dictate your offering price.

The buyer said they were concerned with cash flow and could put more down so the seller attempted to satisfy their request by giving them their desired rate, but requiring a higher down in return.

I'm a newbie and would love to be able to come down and talk with folks who want to share their experiences, fears, hopes and dreams.Do any currently exist or is there enough of a desire for the LI area to start having them?

@Douglass Belt " start small in the beginning "I totally agreeFor myself: yes, NOI $100 - $150/ door would be worth it.( after monthly capex, repairs, taxes, and etc )I would definitely still desire a mixture: partner investing and individual purchases.

Best wishes to you on your desire to soon become an investor yourself.  

I agree that the northern part of the city is relatively desirable with better school districts and newer housing, but areas near UOP are also charming and worth considering. - Matt

Should I try to convince the county with documentation to show the low price paid (to help support a low appraisal for RE tax purposes), or is it to my advantage to keep the sales price at $0 and keep future owners guessing that it might be worth much more (which it could become once I have lived in it a while and made it more desirable).  

Generally 26-28 months for a desirable property.  

There are a lot of variables, of course.The next argument in favor of starting out this way is to give you a chance to groom your skills as property manager, if desired, and develop and improve systems for easy management.

I understand the 2/1 is not a desirable floor plan to start with, but wanted to educate myself on an objective way of analyzing such deals the way an appraiser would.