Your best bet is looking at comparable listings on craigslist or zillow that have not been listed very long, and make sure you're researching each one to factor in location and quality of the property to fairly estimate your property's potential rents.

As for The upfront payment a 203K is probably your best bet if you're looking for least money out of pocket, I haven't used one myself but it does give you the least money required for a down payment unless you have a VA loan you can use.

I am planning on there being a local market correction here, but another thing that is going to make Manhattan a good bet is the construction of NBAF.

Maybe your best bet is to sell and buy something else with your VA loan, taking this year as a learning lesson.

Essentially you “bet the company” based on your assumptions being right, because you only have one shot to make it pay, and ultimately the amount of “unknown data” is equal to the risk you take.

Generally it would be more convenient to create the LLC in the state of the property to avoid foreign filing fees, but if you end up holding the property in a land trust (which can be beneficial both for financing, anonymity and estate planning) you don't even need to pay foreign filing fees [because it is the land trust conducting business in that state rather than the LLC.]If this is your first time investing across state lines the best bet would be to connect with and experienced attorney and CPA to discuss your options and find what fits your portfolio the best.

I bet they also told you that they can rent it out in two days when the remodeling is done.

I’d bet 4 units still sell for less. 

the best bet would be to have the address, search it on the county tax assessors website. 

Is there something betting out the for a new investor such as myself?