My objective was simply to get in the game, and therefore the short term loss was well worth it for me.

This is a personal decision that varies by investor, but I chose commercial for the following reasons:1) I wanted to stop leasing office space for my accounting practice.2) The thought of "$100/door" as a metric/goal for residential was depressing.3) No calls from tenants at all hours of the day/night.4) Easy to evict.5) Commercial is much easier to force appreciation than SFR.

Great Question.Every state can vary, but what I tell my buyers is to expect closing costs to be somewhere around 3% of total purchase price.

I live in California and minimizing liability is the name of the game here because the state is so favorable to tenants, even when you go out of your way to do the right thing. 

They have more skin in the game then you do.Make sure you get clear title.

Cancelation clauses vary significantly, and one that is lopsided does feel off to me. 

I had to build some credibility and have some skin in the game, though.If I were in your shoes I'd try to find an investor to partner with who can carry the loan, and you can bring some or all of the down payment.

@Markia Dunn  I was actually thinking about your post today, I should also mention the wholesalers that are playing the auction wholesale game here, are also bankrolled very well. 

I recommend one further breakdown...the $1614, split (annually) between maintenance, major repair, and PM fees.Once you have isolated the PM placement fees, you/we can assess whether or not it is causing the property to be unprofitable (or if it is something else).Placement fees vary by market and by PM (uncommon in my market).I recommend working with your PM or another one on a compensation arrangement that better aligns interests than placement fees.It will be hard to make a profit with a 60+% expense ratio. 

I'm asking because I hear all the time that trying to invest in NYC, the game is different and they always speak about investing out of state, a couple of hour drive away.