Also, the length that the investment is held impacts the settlement cost.

Only drawdown with all that is the cost and you have many returns to do every year.

Your equity will be the appraised value minus the cost to build.

I assume you know how to determine reno costs withOUT getting in the prop?

Debt is a powerful tool like a big chainsaw.

Also, keep in mind factors beyond the down payment, like closing costs, potential renovation expenses, and the need for property management.

You want to compare the experiences available there so you know where you have to land to be successful in that market as a STR.Furnishing is the main cost that I didn't see and @Bryce Jamison hit several other ones.

Thought is triple+ cash flow with just one insurance, maintenance, and management cost.

My opinion for those that live in a high cost of living market is to continue living / renting in that market and invest in a different market that is affordable and provides both cash-flow and appreciation potential.The reason to stay in the HCOL market is because you will be paid(hopefully) a nice large salary.You can take this salary to then 'easily' invest in other markets.NYC is tenant friendly which can be a con for investors.Furthermore, NYC has appreciated historically.

There are some extended form policies that might cover a future forged deed, but they cost extra and since title fraud (not theft since you can't lose title based on a forged deed) is uncommon, they're not issued frequently.