If you hold a different opinion especially, I would really like to understand why you do think otherwise.I would especially like to hear from those that HAVE invested in NYC over the last 10 years (2008 to now) and have an opinion that it was really NOT good.

I would highly recommend someone (realtor, lawyer, title company) who thoroughly understands the buying process to help you through it. 

#1 Create a Strategy and Plan Your GoalsOne of the most important things to do when you start thinking about real estate investing is creating an overall strategy.Begin by understanding your financial goals.

I believe I understand the steps for this financing option, but I'm trying to figure out how to go about securing the 80% from a small bank.

If I understand it correctly, she will have to pay taxes on the selling price minus the purchase price, cost of any improvements, and 500k federal exemption.Are there any other strategies which could be employed to reduce the tax burden?

If I understand correctly.

This was super important for me: Make sure you understand the difference between the types of interests and rights that can be passed along to an heir, for example if your agreement is set up so that your partner's SO gets his share upon his death, does that person only have economic interest (just gets to collect their half of proceeds) or voting/decision rights?

You are look way below the Middlesex County limits.I totally understand not wanting roommates, however, the ability to supplement even a condo with roommates can be phenomenal and an easy way to get started in RE investing.You final question has a few concepts packed together:1. -$100 a month does give you some tax losses plus the depreciation.

As I understand these are pretty hands off real estate deals, which is nice for convenience but i'm really scratching my head thinking that a 8-13% return is worth the risk, especially considering what US equities have done over the last several years.

You're question is pretty broad.