Have you considered specific local market conditions?

Are there other creative options I haven’t considered?

I highly suspect few people consider it a HCOL city.  

One thing to consider is whether a two-family twproperty might provide better cash flow than a condo, especially with NYC’s high costs.

@John Lasher Have you considered the BRRRR strategy? 

That being said, the vast majority of mortgage products available (primarily DSCR) to LLCs are still going to consider your personal credit in the underwriting process.

If communication is an issue, consider getting everything in writing or checking reviews for more feedback.

It’s important to ensure you’re comfortable with these risks and consult a financial advisor.If you choose to use a HELOC, consider traditional financing or private loans as alternatives if you prefer not to risk your home.As for your first rental, markets in the Midwest and Southeast offer great opportunities with turnkey properties that are tenant-ready and appreciating.

I reached out to the agent representing the property to see if the owner might consider selling.

Perhaps you could consider hard money in addition to private money?