Supply and Demand: When buyers outnumber sellers, prices and rents rise.Population Growth: Cities with significant and sustained population increases are more likely to see long-term rent growth.Job Stability and GrowthA property’s value is tied to the jobs in the area.

Long Term non-paying Tenants.

Have you refinanced this into a long-term mortgage?

.: Quote from @Matthew Irish-Jones: Buffalo is a good market to invest long term if you get a good property, on a good street, in good condition.  

This allows for deferral of capital gains taxes until December 31, 2026, with potential reductions in the taxable amount if held long-term.

A variety of things could have caused this.That said, what you've described above is not so untypical in terms of the steps of the process for a fix and flip loan.  

I generally try to put my October through January lease starts on 18 month initial terms to better align with more favorable leasing periods when the units come back to market.

After all, you have no evidence they agreed to pay rent or any of the other terms.

I actually got caught up in the creative finance bubble of trying to lock up properties way over their value just because it had creative terms not realizing that if you were to buy a property at 120% of its value you will never be able to refi or sell without paying out of pocket.

Currently my short-term management property is managed by the property management company.