One downside of MF can be the age, and insurance can be a big issue.

We value the opportunity to work with clients and partners in the real estate community.To address @David Ramirez' suggestion, if any title issues are found, the earnest money is fully refundable.

A professional manager can find qualified tenants who respect your home and handle day-to-day issues.

As soon as a tenant fails to pay rent, you can file a complaint without waiting 30 days or issuing a separate notice (unless your lease requires one).That being said, it could be a waste of time/fees to run to court because tenants in NJ may come even on rent (even after you win the eviction case) and then they won't be evicted: “The tenant shall have three business days after service of the warrant for removal to pay all rent due.”

Quote from @Robyn Henderson: My family's 3 unit prewar building in Brooklyn recently had plumbing issues and I'm debating renovating each of the bathrooms.

I’m going to disagree with @Chris Seveney and say whether an assignee could force a sale directly would be a state law issue and heavily dependent upon the contract terms. 

Redlining IMO would only be an issue if @Jimmy O'Connor said to stay away or refuse to do business somewhere; he did not do that, he just pointed out property characteristics.

The issue I see most is the cashflow gets crushed by HOA fees and the added headaches of having them tweaking rules etc. 

It also allows the manager to work directly with the insurance company to resolve issues efficiently.In Texas, this is part of the standard Texas Board of Realtors Property Management Agreement and is considered an industry best practice.

I bet if converted BACK, it would be 4br+, probably a rather spacious 4br+: - a whole lot easier to rent given much more demand for such vs efficiency or 1brs- no longer competing in any way against apartments- no more utility issues, because tenants cover 100% of there own utilaties- no more headaches of wrangling different persons to play nice togetherAnd on and on and on......