As Sean above alluded to- never pay a seller for your future hard work, risk and stress. 

The tenants began pay rent on time, but then payments began coming in late, then half, then partial, then none.

You can have a mansion fronting the Mediterranean, but if you pay too much for it, you're done.

.🔹 Insurance Challenges – Even when insurance pays, it rarely covers the actual cost to completely rebuild.

But don't let them know it.It amazes me how many of our members at MassRealEstate dot net have an Asset worth $300-500k Rent it for .5-1% of value and hardly pay attention to it, yet chase a tenth of a percent in CD rates;-)

It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees.

Contractors, unless you have a working relationship with them, normally do not want you bouncing ideas off them.Understand what their hourly rate is, have a discussion with them that you are okay with paying them an hourly rate if they walk the property with you and provide you a scope of work along with an explanation of what you can/can't get away with in regards to improvements.ask them if you go with them, if they can credit you the amount that you paid.Once you develop a working relationship with a few contractors, you can bounce ideas off them and expect quality responses.I do not invest in New York.Best of luck. 

If it is less than 30 days, the owner can kick someone out for failing to pay or obey the rules.

Haven't been there, but pay attention to the foundation - if the floors are level there no action needed.

Without new companies creating similar-paying replacement jobs, workers may have to settle for lower-paying service sector positions.