Think rust belt to sun belt (a super cycle), think east/west coast high company costs looking to relocate to Dallas to reduce employee costs and be close to key strategic transportation routes (DFW, interstates) linking coast to coast in a few hours.The long term trend of more renters has a lot of legs left (millennials, boomers), cost of a house is going up as well as higher rates so that will continue to keep people renting as well.  

The investor negotiated with the county to reduce the code enforcement liens because he fixed the problem (pool). 

Your IRR then acts like all the other Calculations, but it's going to be easier to understand the results because it is entirely comprehensive.The Great thing about the IRR calculation is that if you are expecting ZERO cashflow, but you are expecting the Mortgage to be reduced, say a $1 Million mortgage reduced to $500k in 10 years, then that applies to the IRR since you need the Investment for the Purchase and the HYPOTHETICAL Sales Proceeds after the sale of the Investment.

Let everyone know your intention or what your goals are and make sure they understand.Track all of your responsible for in a report style that you can review regularly and possibly reduce expenses and increase the income.  

In a single bedroom It might be okay to redo and leave them, I did this in a couple of dormer rooms but once you are walking a lot on them if they are overhead they get noisy.

Moving into something like this will most likely reduce your rent to 0$ or be a positive cash flow.

I do feel like we have some valid reasons such as reducing our housing expenses in order to pay off other debts, and downsizing because we had family members living with us previously that no longer do.

Reduce scope/size of the project, in particular as it relates to framing and other aspects of the build that rely on lumber.2.

Are you looking to buy down the rate, or reduce your balance to remove mortgage insurance? 

I'm not familiar with all the crazy NY laws, but it's generally understood that the Landlord cannot charge rent on a unit that is uninhabitable.Talk to the Landlord and tell him you expect your rent to be reduced for the days you are unable to occupy.