Just put simply, all cash means no contingencies and in NYC that's the way the game is played.

It would be interesting to play around with and see how fast you can pay it off if you increase by 4%, 5%, etc.  

I am brand new to real estate investing and am looking to learn as much as possible.

I suspect that other factors in your financial profile will play into the answer.  

I'm guessing that your insurance company would have an issue with this -- in my experience, when you purchase insurance as a contractor, you can't pick and choose when that insurance is in play.  

I'm brand new to Bigger Pockets and have already learned so much!

There is also a time constraint at play, how long does it take to find a deal and close it then get it rented?

@Gary Alford  I do ... completely different they have a in my mind TRUE vested interest.. just like we close everything we aim at.. do something to it and then sell it for market.and I have made some nice profits in my day.the one we are talking about where the wholesaler at the end of the day made 6k.. well I tore down the house as it was not repairable ( was not my intention) got a construction loan.. built a brand new home on it.. and sold it for 720k and will make about 200k NET profit on it.. 

My partners and I are brand new to investing and really nervous!

I'm 19 and about to buy my first 2-4 unit apartment but haven't yet, however if I could of went back a few years with everything I've learned now just make sure you're always learning, reading, etc, don't spend your money on stupid things like cars and clothes, if you get a job and keep saving you should have money for a 5% down payment on a property by 18 or so, if you're going to college you can buy a 2-4 unit (duplex-4 plex) or a cheap house and rent out the other rooms, that can go in general too not just with college, and don't buy a brand new car, get at least 3 years old because a car loses 40 percent of its value over those years, you can get a very low mileage older car if you hunt for it, new cars are financial suicide to young people, ideally don't spend more than 10% of your income a vehicle per year, that may be hard depending on what you do, and invest every penny you can while maintaining a safety net (at least a couple thousand dollars to cover expenses, etc) that way you don't have to pay abhorrent credit card interest rates.etc