Let me know if I can be of assistance. 

If anyone out there has any idea what I can do in this situation I would greatly appreciate any advice or links to resources where we might find some assistance.

I intend to hold on to it for the next 8-10 years as a rental income property, but I feel I just need assistance in figuring out a step by step what to do to start checklist.That's how I learn aside from someone taking the time out of their day to walk me through it.

FHA loans are designed for low to mid income earners to get assistance to buy a home to live in.

All have public assistance and there are no leases.

Good luck and let me know if I can be of assistance. 

Only once you know truly what going to take to make rent ready then we can assist with what to offer.

Is there a mass exodus from NYC yes I’m one of them bought a new construction 1.5 hours away are the prices reflecting the mass exodus sadly no or maybe not yet..I had a similar idea as your wife figured let me buy a condo in UWS use it for Airbnb and on days I work late have somewhere to crash near by but I’m just seeing modest discounts on prices in certain areas nothing to get excited about...

Most likely, it looks like it was already priced to reflect the Furnace and Roof.

@Shannon Wright can assist.