It isn't about return; it is about capital preservation... 

Institutional and foreign money is still flowing into gateway cities, because of the scale, in NYC, you could spend 500m with out effecting the market.My persoanl goal is cashflow and cash preservation.  

I see several posts where folks are :1) Trying to predict the crash using causality of metrics like lower unemployment and low interest rates2) Trying to preserve cash for the next crash, so they can buyI want to hone in on #2.

Many times historic preservation committees are only concerned with the exterior appearance of the building, meaning you may not be allowed do things like add onto the structure, use vinyl siding, and you may be limited on the style of doors and windows that can be installed, etc.

It needs a substantial amount of rehab and I'm curious if people have had success using the 20% credit from the Federal Historic Preservation Tax Incentive program.Was it difficult to apply for or is it painless?

I love Asset Preservation.

Consider too historic preservation requirements with old homes, that place may not be converted with historic lovers in play.With non-profits need to know those "do-gooders" are really in business, not to make a company profit, but to pay salaries, bills and expand their their operations, just like any for profit company.

After buying with cash from your HELOC or otherwise you can finance out at only 70% LTV of the appraised value and for now more than the original purchase price.From a cash preservation standpoint you are better off using a private loan at 70% ARV that covers purchase + rehab.  

I'd build a diversified portfolio strongly focused on capital preservation.

The loan company is listed as the owner. i sent the loan company notice that I bought at a tax sale... no response.The sons or loan company paid the taxes and I don’t want either to redeem. if the 2nd mortgage (loan company) redeems i read a post that they don’t have to pay preservation cost.