But if your goal is to cashflow positive from the Day 1, you may find it very challenging due to current day interest rates, high cost of construction and the fact you won't have the efficiencies of a seasoned developer building at scale.

We have 8 business entities availing of their services, and as "advisors", they should make business life easier -- not add more work on your plate --- but instead, my team and I have been checking for mistakes, or following up on action items, missed deadlines, and paying penalties to the IRS and Secretaries of State due to their negligence.

Hi BiggerPockets Community,I’m looking for advice on breaking even or generating positive cash flow with my studio condo in Prospect Heights, NYC.

Building a trusted team is key, so starting that process as you actively search for your market will put you in a strong position moving forward.

I always love to see the positive attitude - that's half the battle.

Your cash flow is positive on paper, but how will that look in reality?

Also, I'd add that any second position debt, preferred equity, or their brother's, sister's or cousins in any shape or form are at #2 on this list, in really any asset class. 

Generally if a first is going to be paid off from the second position foreclosure, then the first must be notified in the complaint and the language will not be indicative of the foreclosure being subject to the first.

I was in a similar position with my SDIRA and decided on working with PPR.  

Most likely the state where the property is located is where lawsuits would be brought if they are something for personal injury like a trip and fall or something of that nature because the “cause of action” arose in that state.