No problem.. what I did with my ridgeland and Madison rentals and I had bought 12 new builds for the Gozone tax bene's post Katrina..

For example, what is the monthly revenue for the property and what are the "All In" expenses, including mortgage, taxes, insurance, utilities, repairs, etc...

NY can work but watch for high taxes and regulations.For $10K–$35K properties, expect heavy rehab and limited financing options.

I am told that they did not have closets as they used to be taxed on rooms that had closets.  

So we GAIN 7million + tax payors etc.. 

Instead of jumping into an expensive Long Island market with negative cash flow, consider investing in a Texas market like San Antonio, Houston, or DFW suburbs—these areas offer strong rental demand, lower property taxes than NY, and better cash flow potential.

But as stated probably not for tax purposes for the seller. 

Any tips/pointers, etc?  

Many months of costly vacancy, local market rent & resale deteriation, special assessments, property taxes and maintanance fees suggest a quick sale would have been the wise thing to do 2 years ago.

Any tips tricks or otherwise when presenting to potential partners would be immensely appreciated.