Being a NYC resident (originally from Long Island), the price of entry in the area is on the higher end, so I've been considering some options in the NY Capitol region, as well as NJ and CT. 

In that case you should get an attorney involved as encroachment would be a material issue that if known should have been disclosed both to the broker and to any potential buyer.  

Just run your numbers well and make sure you are in an area without prohibitions in place. 

Think of yourself of an asset manager, not a maintenance provider or lease-up specialist (but do those well too).3.

,Well, I'm not sorry.

House needs some Interior Cosmetic Work, Wood Fence Repairs and some Plumbing Work.I want to turn and run, but I recently heard where there is a Problem, there is Opportunity.I thought this might be an interesting Case Study.Thanks for the Ideas.If they owe $180k on a $210k property and its a year+ behind then they probably owe taxes and other bills as well.

Realistically you would expect the house to continue to appreciate during that time as well... even if at 3.33% appreciation - that is another $50,000 in appreciation you would make in the 3 years - give or take.  

We have our primary In a trust but thinking if it's a good idea to buy the rental in a trust as well.

Well.  

Quote from @Trent Reeve: well, a company would have to 50 states and build in integration functionality for 50 different systems.