. - You have no recourse against an agent or PMC once you pay them for the placement and it turns out to be a terrible tenant:(If you have the time and network and post here for assistance, it's always a good idea to learn the rental business from the "ground up".Of course, one mistake can also cost you thousands of dollars.

Partner with a Real Estate Tax SpecialistThe tax code is complex, and mistakes can be costly.

Do you need to increase rents in the next year to cover your costs?

U will never hit the numbers ever in renovations as there is no way to know the unknown.. just make sure there is plenty of margin above you all in price and cost of capital. 

I wouldn't be opposed to having a little skin in the game (closing costs, inspections, etc) I would be living there paying market rent and doing the improvements myself.

Wish you the best.If I was you, first step is evaluating costs associated with doing MTR and comparing with potential rental income to see if it makes sense to do LTR or MTR.

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

However, the road block I face is getting to a point where I think it’s an “ok” deal (meaning it’s not fulfilling the 1% rule, but more like 0.75% and little to no immediate renovation cost/typically a new build townhome) and then I start to question whether I could find a BETTER deal if I just keep looking.

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

If the trade value of an old shopping mall is less than the build cost of a new storage space or warehouse, then it doesn't make sense to build a new storage space or warehouse, just buy an old shopping center.