Hello,I am new to the REI and was wondering if was possible to do a Mid term rental in NYC?

Possibly cash out refi if the rate makes sense or get a HELOC while you are in it.

We overlooked a detached garage (major turnoff for buyers in our price range) and a chimney which required significant exterior and interior work (to the tune of $6000) that was found on inspection.

I would hold onto if possible and do the conversion.

Well, that's also a possibility but I think my lender will only do 75% LTV which puts my new payment at around $1170 PITI with a $142,000 principle balance. 

I am looking for turnkey homes in the $60-85k purchase price range ( I have several I am actively pursuing) I am hoping to keep as much of my capital as liquid as possible for payment reserves/CapX that may arise. 

Meanwhile, I think positive cash flow on rentals is definitely possible here (I am just a small time landlord, but have done well on 3 SFH) -- Soaring property taxes are a problem that has hurt our cash flow recently, but costs here are overall still low compared to many cities, while the rental market is extremely tight due to high demand/rents very high. 

Do they possibly work for a company that does 1031 exchanges?

I am currently a college student looking to invest in real estate as soon as possible after graduation.

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