As a small unit count LL, you may want to underwrite with a higher vacancy than the average vacancy for your area (underwriting should be conservative).even if a unit is brand new, when it is put into service the lifespan has started on every component.  

The numbers just didn’t align with our long-term goals.

I usually suggest waiting to align with a property manager until you’ve narrowed down your submarket or have a deal close to contract.

Quote from @Arthur Tolentino: Great breakdown — I’m very aligned with the “tech clutter audit” mindset and consolidating wherever possible.Curious where you land on Breezeway and Safely in that framework.Do you view either as true leverage (operational risk reduction / scale enablers), or more as “nice-to-have” tools that don’t justify the added complexity and monthly cost at ~5–10 units?

Being able to refinance, sell, or pivot the strategy without heavy penalties gives investors room to adapt when the market shifts.The best financing is the one that aligns with your timeline and risk tolerance, not just the lowest number on paper.

Consistency here matters far more than finding the perfect first property.Whether you owner-occupy in NYC, invest out of state, or continue renting for a bit longer, the key is aligning the strategy with your longer-term goals and then committing to it long enough to build momentum.

I suggest picking a method that aligns with your risk appetite and time commitment then slowly growing from there.Good luck!

As a CPA, why would you not also recommend she divide up the component costs of the renovation(ie cost of cabinets, floors, etc) into separate depreciable components, getting 80-90% of the benefit of a renovation cost seg without the cost?

For example, if you are looking at two homes at the same price point and one is a newer build with more depreciable components and a smaller land allocation, that could mean tens of thousands more in bonus depreciation.

When I’ve found my best opportunities, they’ve come from relationships, word of mouth, property managers, or simply being persistent and looking where others weren’t.If you’re open to it, I’d encourage you to think less about “finding a lender” and more about finding aligned investors and partners.