Monitor your properties better and do periodic inspections of the units.

Its fun to monitor.

Here is the best part: New York City evictions, due to anti-landlord policymakers and judges, can take as long as 60-90 days to process, meaning that fines could be anywhere between $70 & $100K...To prevent that from happening we have implemented a zero tolerance policy across our entire portfolio and have been forced to take a MUCH more hands-on approach to managing our buildings, including: Monitoring Airbnb, VRBO, Homeaway and other sites SEVERAL times a day.Periodically knocking on doors of tenants we suspect are illegally subletting.Removing locks/installing keyless entryAmmending leases to allow for impromptu inspections/termination clauses.Has anyone else out there in NYC or SF encountered this issue?

It can grow thicker to where it will need a permit and cause other headaches, but we can monitor that and get rid of it before that happens, and that shouldn't be a problem for 2-5 years, maybe more.I prefer to get rid of it now so it's just one less thing to think about later.  

Did they give you all the money up front or did you hire some kind of escrow to monitor the progress?  

Once you find the market, you simply monitor that market until a property with that profile pops up...and then you go for it.  

There is a consultant/inspector hired by the bank to monitor the project along the way to ensure everything is up to snuff. 

In the learn section there are some very good internal controls to allow you to monitor your expenses.

Then, once you find one (or more), how/when will you monitor and direct your contractor?

Monitor the topic below if you're not already..