One thing that buyers/borrowers often don't realize is that you can also do Conventional, VA, and USDA for owner occupied property in addition to the FHA 203K product.

Additionally, you are correct about the potential appreciation of a condo in this environment. 

Working with realtors for valuable market insight and contractors for scope of work might be a good option for you starting out if you don't have experienced flippers you can work alongside that know this stuff. 

@Aaron Arnold - this was super insightful.

In addition, you need to know the current Legal Rents in the records of HCR (DHCR) for each apartment as they will be rents that you will most likely be stuck with and you will not have the ability to increase rents to cover Rehab or your investment.

Any positive insight would be appreciated!

Most of them are however I am "thinking" I may have a shot a negotiating additional money off if I can say to builder that I know they are not paying the realtor fee.  

Your insights and experiences are instrumental in shaping this discussion, so don't hesitate to join in and share your thoughts! 

We have opportunity here, happy to share insights on our market!  

Thank you for this insight, Logan.