The once-iconic retailer Kmart is closing its final full-size mainland store in Bridgehampton, New York, on October 20th.

You should be have experience vetting and screening.  

I accept them and mitigate the risk by (a) screening the animals, (b) having a solid set of rules that are quickly and fairly enforced, (c) regular inspections, especially for cat units, and (d) charging a monthly pet fee.Let's say I have five single-family homes.

I used furnished finder and keycheck to find tenants, screen them, and collect rent/security deposits. 

Quote from @George Goldstein: Quote from @Theresa Harris: Even if you did buy a $1M house for $500K, your property taxes are based on assessed values and the city uses the size of the home and comparable homes in the area to determine that value and in turn your property taxes. 

@Benjamin Stacey you didn't mention your family size, but if just the two of you, what would happen with your numbers if you finished the basement and lived down there, while renting the upstairs?

There’s also future development potential given the size of the land and zoning (allows for medium density development up to 8 units per property).What would be the best way to structure financing for a deal like this?

It's also illegal for cities to attempt to regulate fees related to screening or applications.

Get their T12 and rent roll to see what costs they currently have.For loans, it depends upon the size.

Due to the fact that this neighborhood is lacking comps and a severe lack of development, Being conservative on size and cost there is more planning to be done. 2130 sqft down with an additional 565 sqft up.