I read an interesting article about New York resi property in this weeks Property Week - maybe have a look at that - also you have to be careful with regards "rent control"
Yes, rent control and capped rents are something you need to be aware of. However, you can get quite high yields in places like Queens, Brooklyn, and Jersey as well. Especially if you buy a multi-family block. Up to 10% yields...
I will not be renting it.
I will spend a few months each year in New York.
Other members of the family will use it.
The question was - is there any Legal or Tax "Pitfalls"???