New York, NJersey and Connecticut have lots of very high income people with equally high net worth. 

@Ryan Boyce New York is a tough market but I love it.

Very helpful, especially the "cool your jets" sentiment. 

@Ryan York

Is the any you can recommend in upstate New York and New Jersey that work with new investors?

As such, I’ve found the 50% rule is more applicable in more affordable cities than New York. 

I am under contract with a 3 family multi unit in New York with FHA loan 3.5down deposit property cost is 1mil.

Below is more context:- We all have full-time jobs and in our early 30's- 2 of us live in New York City and 1 lives in Boston, if that matters- All of us are planning to do equal investment and buy the property in all cash- Our strategy for the first property is to go for cash flow- We are only going to buy one property under this LLC.Thanks so much.

Long distance investing can be a bit scary but I work with a lot of investors from New York who are using property management (yes there are some good ones).

I am currently focused on wholesaling and holding/flipping multi-family properties in the the New York New Jersey area.