Since they can't sell it, they leased it via a long term leasehold to the Rockefellers.This instructor used long term leaseholds to solve a variety of problems, chief among them folks who owned properties for a long time, for a variety of reasons not advantageous or able to sell, so they create a long term leasehold to transfer control to others.

I guess I will run the numbers again with a worst case scenario.I'd say if you find a thread that's an oldie but a goodie, that there is usually little to no harm done to put a fresh post in there to revive it back to the top of the forums.Having said that, you do have to realize that dollar amounts might differ drastically with a large time having elapsed since the dollar amounts were originally posted.As to plumbing unable to hold air pressure, that could be attributed to a wide variety of things, from an open faucet to all copper being stripped from the plumbing.

 $60K sounds like a lot unless it is pretty new and on land of some sort and maybe a double wide home and not a single wide variety. 

I've also been reading a variety of blogs on biggerpockets and I will be going to my first REI meet up this weekend.I would really appreciate it if I could get someones advice on anything else that I can/should be doing in order to be "adequately" prepared and educated to make my first deal?

Although we are based in CA, we work in the boroughs on a variety of projects.

There is a big variety of homes in this area.

It will help you to know there are many forums available on a wide variety of subjects.

It will help you to know there are many forums available on a wide variety of subjects.

If you are not a great negotiator then making MLS offers may be a better strategy for you.Most successful investors use a variety of ways that leads for deals come to them.I would add vacant houses, burnt out landlords ( find them in rent court) or public auctions.

The options have a lot of variety and look beautiful in the pictures.