@Evan Barney I have had and currently have clients going the 203k route with home purchases here in CT and from those experiences I think the following is important:Be sure to use a real estate agent that has experience navigating the 203k process from offer submission until close.

I have some strict criteria for my properties, one of which is at least $200 per unit in cash flow.I've spoke with a couple other investors, and thought I'd toss it to the group, and any advice would be greatly appreciated. 

I understand what its saying but is that over 500 AGI in the year you sell it or any year during the 5 of 8.So lets say I don't qualify in tax year 2018 because income is in excess of 1 mil AGI  but the following year I get my AGI down to 500k.. can I then sell that year and reap the 500k exclusion.

I've followed the sheriff's sales in my county for years looking for a deal, and it just isn't there.

Following this thread to see what other suggest.

Go through the following questions with potential applicant:How did you hear about the property?

Do I quitclaim back into the original LLC or create new LLC as folks could follow chain of title pretty easily.  

As many investors have echoed - NYC is a very expensive marketYou have the following options1) Investing in NYC - require large capital and a good choice if you are banking on appreciation in the future.2) Invest in upstate NY or CT/MA/PA/NJ3) Invest through a turnkey property4) Househack(may be difficult in NYC but doable in parts of NJHave you looked into attending any local real estate events in NYC? 

You should be sending the pay or quit notice the day following rent being due.

I noticed that in most cases my cash flow was negative, or barely breaking even (the median home price is $600k+ here, most people don't rent for $6,000/mo if you follow the 1% rule).