We both have steady incomes, enjoy the area, etc. etc.

My monthly HH income is 16k USD after tax.After looking at multiple properties and calculating the overall net income it is quite difficult to come to a net positive cashflow (taking into account Mortgage payment, HOA, property taxes, insurance, rental taxes). 

If you want to think really big, go commercial multifamily, double the net operating income and the property value along with it. 

What I would encourage you to do is to compare how much cash you currently have invested out of pocket in the deal and also calculate what the cash flow is for that property.Cash flow is the income (rent) minus all expenses: mortgage payment (including principal, interest, taxes and insurance), average maintenance costs, capital expenses (new roof, hvac, water heater.

Flipster has a money back guarantee if you cancel before 3 days.

*IF* you can claim RE professional status - and this is where doing your own management comes in, if one of you doesn't have a regular W2 job - you can realize some major tax savings, especially because you can deduct any losses from the RE side from your W2 income.

I find this corporate rental flip strategy rewarding, leveraging rental income for substantial returns.

And at the end of the day, you're buying a piece of land in NYC - unmatched dream.Regarding FHA, it can be a smart move if you find a property in lower price range and if the property can provide extra income from rented garage spaces etc.

The one I posted makes 50-60k income and the house was 150k plus 40k rehab.

He and his family are very low income so I'm trying to be flexible with them and their situation.