One issue I have noted is POOR budgeting/reserve studies.

What happens if the project goes 2k over budget?

I will try myself to prepare answers and questions to help me find the right broker for my current schedule/budget

We were doing a rehab for my mom so budget was minimal (probably cost $40 to do 1000sqft, but cost did not include a lot of tough, free labor from me).

Since then, everything has gone great but my savings hasn't grown as quickly as I'd hoped (apparently weddings cost money). 

I'd like to get some input on how much I could/should be spending on an investment property, given the fact that my wife and I will be looking for a home of our own in the next 1-3 years.We live in New York City, but ...

It's About Time: Optimistic Bias in Work...Of course, Pessimism Bias is a thing too.....Keep detailed records of everything you do: deal diaries, budgets, etc.

@Oswald Oswald- in general  SFR are  better  investments than condos ...if looking at  condos there are many things to review and  research (  resale cert/  litigation /  budget / reserves / ins / CCRs ....let us know if we  can  assist  with a loan and condo  review

It seems like the advice when running the calculators is to budget $100 per unit each for cap ex, management fees, and maintenance and 5% for vacancy.

That doesn't hit the 1% rule and with CA taxes (that will go up after reno) you are sure to be cash flow negative each month, maybe by a lot.I see additional risks:$650k rehab budget sounds optimistic.