renting out apt

First you should check the policy of the building on rentals. Strongly suggest you stay away from Co-ops and stick with a condo. Make sure you speak with the building management company to see what the costs are to you as well as to the tenants for renting unit out. Find out what the requirements the building has in force on renting unit out. Do no I repeat do not listen to real estate or selling agent of development. You must speak directly to the management company of the building to find out what is in their by laws when it comes to renting. What are the move ion fees for the tenant (applications fees, credit check fees, etc) Then if you still want to do this make sure you understand what your carrying costs are which include (mortgage, taxes, CC charges etc) minus the going rate for rent. If you still find this feasible then contact your lawyer.

Newbie: If you are buying in a new development I will assume it is a condo since 99% of them are in NYC. All of your questions are great and your attorney should be able to answer them during his due diligence process. As far as the rental after you close, talk to a real estate broker to see what other units in the building/area have rented for and let a broker handle the marketing for you as there is absolutely no cost to youfor their services. The tenant pays the fee and the broker will make sure the prospective tenants are qualified in addition to marketing your property on the web with pictures and floorplans. Good Luck.