If you are not checking the water quality 1-2 times a year you will lose this battle immediately.

Hi Jessenia,I've been in the game for quite some time and have many battle scars to prove it lolMy best advice would be to always look at a worst case scenario and start from that.By starting with a worst case scenario you will be able to quicker eliminate markets that aren't a good fit.I don't know much about NY but personally, I wouldn't invest in any market that takes 6 months or even worse longer to evict.Worst case scenario for example = Tenant doesn't pay rent and trashes the property.I would want to be able to evict, fix and re-tenant as quickly as possible.Time is money and I want to keep moving forward and not deal with financial and emotional drag.There are many markets nation wide that are landlord friendly.My business is based on Ohio and there is no mercy for non payment of rent.Eviction usually takes 6 weeks max and although I never want to evict, being able to do so quickly minimizes risk of that investment.Thanks 

I know there have been some steep fines for those that were caught breaking the rules, especially in New York and San Francisco, but I also know there have been, and still are, some battles against the short term lease laws and restrictions. 

Many duplexes are  built this way in North Jersey but legally converting them tends to be an up hill battle.

Also the nature of the current "access" -- whether it has been hostile or permissive.The good news is the title insurance carrier has allowed the claim and will likely pursue an agreement with the necessary property owners OR fight the legal battle if necessary.

When I started, deposits covered a lot of issues and there was always a battle with the former tenants and complaints. 

Unless there's something that you think shows they knew about this and failed to disclose it, you'd have an uphill battle suing them I think. 

Cruise liner vs battle ship?

^^^^This, and I’ll add you need to have a thesis for why an area will not only appreciate but appreciate enough to cover both losses and opportunity cost (I.E. stocks and bonds return money as well) I think too many people get caught fighting the last battle both in counting on a level of appreciation that was a historic anomaly & betting on markets that have already had their huge run, the most likely winners of the last market are likely to be quite different than the winners of this bull market.

And if the lender foreclosed on the property a few years ago, but still hasn't tried to sell it, then it could be because there's an issue with title, or perhaps there's a legal battle taking place with the previous owner.