Income and Costs (all numbers are annual)Nominal rent - 43.6kActual rent - 37.3k (14.5% vacancy.  33% turnover rate)Management - 4.5k (10.6% - could bring down with a PM switch)Maintenance - 5.0k (11.6% - ok, older building and a fair amount of tenant turnover)CapEx - 2.4k (5.4% - mostly plumbing costs: is that a worry?)

There are websites like Rocket Lawyer or Legal Zoom where you can communicate with an attorney for a very nominal fee about your specific situation.

My 5 year goal is to become a professional real estate fund manager.I happen to live in NYC where there is a large concentration of people with 7 figure incomes who often have a difficult time obtaining a more than nominal return on their at-risk/disposable capital.

Even if you bought at the height of the bubble a decade ago, if you hold on long enough your nominal price will exceed what you purchased the property for.

I thought I would give you guys another update about the depreciation thing:  my accountant has essentially advised that we should not depreciate 100% of the purchase based on the the following logic:"As long as you pay the nominal ground rent, the ground rent owner can't sell the land, so I think that land still has value and there should be some sort of allocation to it.

Typically this drops the valuation by 1/3 maybe more.If one calcs the park value based on just prevailing lot rent, then use 30% as the expense ratio then add in the nominal value of park owned homes, often just $3k each.If one has to calc value based on total income, lot + home rent, then use at least 50% expense ratio and often reality is 60% and if serious vacancy, eviction, repair problems then even more than 60% expense ratio.  

I ask for a nominal, non-refundable, deposit ($250 - $500) when someone has passed all screenings and is approved. 

Find a local real estate agent who will pay you a nominal referral fee either for the listing or when they sell the listing. 

You could take the property sub2 for what he owes if the 1500 cashflows at his current payment but he's not going to get 275 for it unless youand he are willing to write a note for a nominal amount now and the remainder in a ballon payment in 10 years.  

In NY I believe it's a written request with a nominal ($25?)