This is determined by the location.Reliable: You need to be able to rely on the rent coming in every month, regardless of the economic situation.

In the book, he discusses pricing in a different state over 10 years ago so the # s won't translate to Long Island.Regarding working with contractors, the short answer would be to consider a 203K or homestyle renovation loan.

This insight allowed him to run a division of a corporation and he has translated that into Real Estate. 

The information contained in this post is not to be relied upon.

Rely upon your own attorney's advice, and not personal opinions from others.  

When I was looking for a home in Los Angeles I relied on crime mapping.

Thank you for your reply.I have studied and drafted a few important clauses, which I asked the lawyer to translate into legal language, including must-have clauses for a California lease agreement.

@Albert Braun Thanks for the rely.

The reason for the lengthy time is he has given me the impression he relies on this income to sustain he and his wife.

He says to minimally get an Attorney to work for me instead of relying on my agent and our title company, since they're all get compensated on the deal getting done, not necessarily fighting for my protections.