I've attained a list of properties from the Syracuse LandBank that aren't foreclosed on but are delinquent or set to be closed upon next year.

It seems to a be beast unlike any other, particularly due to the predominance of co-op buildings.Is a 4-5% true cap rate attainable in NYC?

In your case though, I may consider letting the second underwriters know ahead of time just so you can get the appropriate pieces of information together (I would think as long as you have ample reserves to cover both properties and can show a solid future plan for rehab and rental income potential, you should have a better chance of it not being a problem)

But most of the houses in a lot of Lawrence areas (at least where my property is located) are older cookie cutter homes, which just aren't going to go up in value much as there are ample supply of similar homes.

The basic premise of the book focuses on the fact that successful people throughout history have used a secret to attain their success.

What I would suggest doing is sitting down and making out a 5 year plan of where you want to be 5 years from now...Write down the steps you think you will need to attain these goals and then get started not tomorrow, but today.

Over a short period of time the investor build a nice portfolio and now has lost everything (ample equity, cash flow, credit, 2 years of hard work).

I'd say a deal like this should have 10% of the sale price as the down payment and the front-end loaded note can be made so that is attained and then fall into the remaining amortized period.Sell the property for what it's worth, 8% is sufficient consideration, use the amortized period to provide you wanted monthly income, you could require a higher payment to principal to increase the down payment over time as long as they can really afford it, and affording should be determined by debt-income ratios not by an opinion, especially with any inclination of getting in their pocket from any personal issue.Good luck on your getting your RE license, as you go through that process you'll see the ethical aspects of dealing in RE and what I've said here will become clearer. :)

Is the parking ample?

I have no experience in this arena, but I have certain skill sets that I've attained in my field from the past 15 years that I know will be helpful.