It would be a standard condo conversion (though I'm not sure if it is procedurally any different in NYC than in other places).Before considering the occupants of the building. 

These last ditch transfer efforts will only by then days or weeks, but obviously Bankruptcy's will provide them time to use the procedure to work themselves out of the situation, or months of additional time until the next auction is scheduled on the property.

Any suggestions on what precautions and procedures i should consider when it comes to section 8?

The courthouse does provide information on bidding procedure. 

Get a solid track record of generating leads YOURSELF till you know through and through how, and why it worksThen test, scale tweak improve it.Now you know your system is solid, you turn it into a system by writing EVERY step of the procedure on paper and test it againNow you can hire an employee and have them do that task, Teach them, make them understand the hows and whys and supervise them, alwaysThis is what you need to do.

This is pretty vague and a bit impractical, even contradictory.If you hire a doctor to do a procedure, you could be technically breaking the, "not what will be done and how it will be done" part if you discuss the procedure with the doctor and give them ANY feedback on what you want done!

In general I would say that if you are comfortable with bookkeeping, do a good job screening, you have a property in good condition, and you take the time to properly educate your tenant on communication and maintenance procedures, expectations of both parties, and responsibilities, you'll have no problem self managing 1 duplex on your own with very little time dedication.Typically you will probably spend 15-20 min a month on bookkeeping and entering transactions, and that is about it.

Hey Everyone, 
I have been learning and researching how to go about setting up my wholesale business and launching it in January 2022. I would like to get your feedback about the information I've compiled to do it th...

Each state has it's own laws but the TYPE of loan will determine a lot of the procedural things when you refinance.  

Spend a year learning how to manage, reading books, building your policies and procedures.