I get the tenant to pay me 700 a month, I only profit 200 a month.

Personally, I only do earnest money on listed properties, and on a VERY RARE occasion with a private seller.The title company CANNOT play the role of an investment savvy attorney, unless they are actually investment savvy attorneys. 

Am I on the right track or just getting started too late?

@Loren Whitney  & @Dmitriy Fomichenko .......From what I am hearing you guys say about depreciation within a SDIRA, it sounds like (I could very well be interpreting it wrong too) that IF a person was to use leverage within the SDIRA, that somewhat or mostly negates peoples argument 'that there is no benefit to hold real estate within a SDIRA' (meaning no depreciation benefit).

I agree on the fact I'd be break even (more than likely I'd be negative cash flow).

You do have to either be military or family to have an account, but it's worth it for those who qualify.One negative is that closing takes 45-90 days (at least according to their loan agents).

My home is incredible and the only negative I am hearing is its too big!!!!  

Transaction costs are another negative in NYC, so you really have to get a great deal to make the numbers work.

Should I buy this property even though its creating me a negative cash flow?

I only post to educate and advise, I have no business relationship in the advice I give, I don't, but may do business with select members (just disclosure but not actively engaged).