You have demonstrated your ability to save, coupled with the fact that your credit is excellent....You are on your way to achieving your RE investment goal.But, you might want to look outside of NY as well, so that you are not turned off completely from getting involved with RE investment because of the NY high priced market.Frankly, I myself have invested out of state because of this very reason.

Some of the brokers we have talked to said that in order to do this, it would require that we sit on the house for 6 months before we could put it back up on the market which is a bit concerning.To cut to the chase, my simplified question is...Is there a loan that a new flipping investor can procure that has the ability to: 1) Cover both the cost of the house and the cost of the rehab.2) Doesn't hold the us, the buyer, to keep the house for 6 months.Or is this a completely crazy wish to have?

I have noticed the warnings about justifying the price based on the ability to raise the rent, possible appreciation, better management, etc.  

I'm currently practicing as a criminal defense attorney but would like to move into real estate in my legal work as well. 

Lastly, 1. depending on where the property is located, you might be able to raise rents and still be inside the rent cap. 2. if the property currently has debt, most Agency debt have restrictions that survive the LURA and may further impact you ability to take the property out of the affordable housing stock. 3.Are you under and HAP agreement?

However I know some bougtique fellows that are not realtors will use their sourcing ability and their rehab ability and bring you a deal at cost with a pretty small mark up  usually less than a sales commish to an outside agency.. so there is that program as well.. need cash for that.. in the old days I used to do the Hardmoney loan to help you buy and rehab but most of us lenders won't do that for newbie or out of state investors anymore risk are to high.But get on line check out all the different companies there are 100's  and there are probably 30 plus viable markets ...

Most lenders will loan at 75% of the ARV but will not refi unless the loan is a minimum of $50k...this would negate your ability to refi either one since their values are way too low.

1.when selling a 10-year old unit in a common interest development such as condominiums,stock cooperatives, or planned developments,which form must be used?A. lead-based paint disclosureB. residential HOA AgreementC. ...

Minimum recommended coverage:Building, Business Personal Property, Business Income, Employee Dishonesty, Money and Securities, Accounts Receivables, Computers, Contractors’ Equipment, Valuable Papers and Records, General Liability, Employee Benefits, Umbrella, Hired and Nonownership Auto, Workers Compensation Other coverages to consider:Equipment Breakdown, Computer Fraud, Employment-related Practices, Automobile Liability and Physical Damage

The direct writers (state Farm, All sate, etc) will most likely not have the ability to do this.You should be communicating with an independent broker who is in the commercial side of the business.