Questions
As a newbie, what would I ask a prospective seller or investor about the property they are selling?
Do I ask them how much equity they have in it? Or what is the FMV? Is there like a list that I can follow that would make me sound like a retard? 
What exactly are you looking to do in REI? Do you have any specific goals or areas of focus?
Subject to or flipping is really not what I think I want to do. Those types of deals seem to have mix reviews all over the real estate world.
So, what I would like to do is just the old fashioned way. Buy properties that give me positive cash flow and build my net worth.
Almu,
Do you have your own cash or access to funds to do what you want to do? I'm sure you are aware of the prices of real estate in NYC. Good luck
Pejames, what happened to using no money down? So is it true that this is all a myth?