In my opinion, find a great deal in Lakewood and capitalize on it, or go with what you know and start buying in Parma.

@Erich Braun Sterling National Bank and PCSB have been giving me the best quotes in Westchester County.

My advice would be to save, save, save and get to a point where you have the necessary capital to commit yourself under either scenario.   

I'm purchasing and developing a piece of land with residence outside of Portland (in WA)-Cash purchase-Current LLC. in CA-2018 capital gains offset neededWe're (Wife and I) purchasing a SFD, remodeling and living there if we enjoy the area; flipping it if we don't enjoy the climate.Per the 2018 capital gains sold to purchase the property, we need write offs, being a cash purchase we don't have the mortgage interest write offs that would help, (granted we're saving that interest over the 30 cost of the loan which is fortunate so we can't complain).

The lease terms must be over 30 years but less than 99.A master lease has some of these aspects, but does not have the advantages of NNN leases where you can get a mortgage on it as it's treated as real estate.I know an investor who does these deals in NY who targets owners owning properties for a long time, don't want to sell due to capital gains, too old to manage the properties.

I've read about the 95% and 200% rules and I'm trying to overcome the shock of not getting my original Capital investment that we put into the property. 

Hello @Danny Amorando welcome to BP Nation!

- Usually hard money will offer between 7-12% with lower rates offered to those with more experience, better credit, and more capital contributed to the deal.

Little to no equity with a potential capital gain and depreciation recapture.I have a similar situation with a condo I bought in 2006.You can still do a low equity to zero equity 1031 to push forward the depreciation recapture and capital gain.

Wondering if any of the closing costs can be immediately deductible, or are they capital costs?