Holding it and subsidizing the tenant's rent ($50 is NO cash flow) in anticipation of future appreciation is just gambling. 

You are not FORCED to buy a rent regulated building.If I am misunderstanding please correct me, but my interpretation is that any city, town or village within the state of NY can "opt in" to Rent Control at any time.So, when you say buying a RC building is a "choice" - I don't think that's accurate, since ANY municipality can opt in henceforth. 

Your response got me concerned that its a huge gamble and not worth the effort or risk.    

This is not even close to accurate for anything I have ever bought.The property I closed on Monday was 200 units for ~19mm with annual NOI for years 1-3 of nearly 1.3mm; 3x NOI = 3.9mm on a 19mm purchase.

In areas that still have low prices even after a 10 year bull market, there's probably a reason properties are still cheap in those areas, but I won't comment on other markets that I don't know enough about specifically to comment on accurately!

@Sean SmithWhile not an accountant himself, @Alvin Sylvain gave you an accurate and well articulated answer. 

@Mike ColsYou should do well on this if your numbers are accurate .

Would anyone be able to help me run the numbers accurately from a buy and hold with hard money, Refi after a year and roll to a conventional loan?

I am asking for guidance or tips to help expedite or find more efficient/accurate results. 

I made several searches and it seems to be somewhat accurate in some areas.