Rents continue to climb as well but likely not enough to keep up with increasing monthly mortgage payments when considering interest rates and soaring property values.There are 2 main schools of thought when considering investing in an expensive market like Long Island.- Robert Kiyosaki, Grant Cardone, and similar thinkers believe its best to invest in markets with higher cashflow while renting where you want to live.

You'll also need $10k-$20k for closing costs and other items on normal loans, as well as 3-6 months of reserves (PITIA) for the majority of lenders. 

Head over to bank rate or and take a look at the mortgage calculators, plug in the numbers and get an idea of what the property needs to generate to satisfy the intended debt.You still have to underwrite the deal for the non-finance expenses as well(typically 40-50% of the gross rents). 

But ya have to make some educated prognostications in life.Add this to the information your processing - What your talking about doing is eliminating around $4000 or interest expense (which is deductible anyway so really could be a real impact of eliminating $2800 or so) of debt in exchange for paying over $10K in capital gains tax (don't forget possible state gains tax as well).  

Imagine you only do 1/3rd as well as they did.

My fellow agent Jennifer Flynn is great in handling rental properties...she can get you tenants and manage your monthly activities well.

Frankly, no matter how well you do safety, dumb guests will find some way to hurt themselves so insurance is a top priority.

@Cosmo DePintoThe BRRRR is alive and well.

Hey Tony,Well right now I'm back in Toronto.

I have a complex next to mine that has over a hundred units, some do very well some dont and you can point to their decor right away as a differentiator.