While acknowledging this issue, my primary concerns lie with the potential ramifications on increased property taxes and insurance rates for my properties.

The first thing you want to do when considering a parcel within the park is to call the APA and just have a conversation with the land use people, will save a lot of potential headaches.

What is your strategy for maximizing its potential? 

Since Real Estate is all about leverage, you can do a far larger deal than a potential $200k investment or a $100k gain if you did a deal yourself. 

@Jalen De LeonFirst question to ask a potential CPA...do you personally invest in REI. 

- Lina Hi Lina,Your situation is very common, and deciding between selling or investing more into your property to potentially increase its income is a pivotal choice.

But even these will only find 90% of the potential problems.

I think with any mid term rentals but especially in NYC it is important to vet potential renters as much as you're able to.

While the cost of entry might be a bit higher, I truly believe there's still plenty of potential for property appreciation.My focus is primarily on single-family homes with a long-term hold and rental strategy in mind.

Investing with a syndicator or individual investor who partners on deals would be the best routes for passive investing at a (potentially) greater return.