But once they give it to you, you inherit their cost basis and have a taxable gain.

One thing to consider is whether a two-family twproperty might provide better cash flow than a condo, especially with NYC’s high costs.

Visit the property and learn about various renovation stages, gain insights from our experienced investors / speaker, and learn strategies for evaluating deals, managing budgets, and maximizing ROI.What to expect:Property walkthroughsReview before photos and discuss transformation plansDive into real deal numbers—costs, profits, and challengesNetworking with industry prosOpen Q&A session to ask anything about the process

After the meeting there was no action plan other than doing a cost segregation study on the properties we had.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

Closing costs, necessary cash reserves, and the expenses to get a property market ready are more than most first time investors think.I have nothing to sell and would be happy to help if you think that I can be a resource.

Usually you can negotiate it for a few thousand and buying new costs about $20/ft. 

Even if it does, there's closing costs to consider.As I said, I have no cash myself, so I'm asking how I can deal with generating cash for closing costs (and a down payment) if it comes to it.The house costs $139000.

Hre are the key things to knowWhat you are bidding on - often oddball properties that are hard to identify and have little value are auctioned offThe true as is value of the property, The tax assessment can be way higher or way lower than the true as is valueThe local laws and how they affet your total costs and returns

The triplex is much more popular with traveling work crews for specialists in the trades and insurance relocations, so if we were to do it again, I would probably worry less about making each room it's own rentable space and save a little bit of those costs.