Even if the rental has a decent cash flow with additional flood insurance, we're still not sure we want to take on that risk as we are out-of-state investors (planning to move back to KY in the future, but not now) and we don't like that it will potentially bring down the perceived value when we try to sell it in the future.The seller has never lived there and has not provided any information on if it has flooded before or not. 

I would connect with a local PM who has connections with the HUD programs so you can get the most accurate information and guidance in your market. 

With that information, you can start to get good at estimating the rehab budget.  

Lots of information and great connections here. 

Would appreciate any updated information if you would be willing to add to your above post.Thanks again. 

Welcome to the community and be ready for a huge amount of information at your finger tips.

Thank you for the information!

Many of the people that come are members of Lifestyles Unlimited so they sometimes talk about upcoming events for members only, but the meeting is open to everyone and they share some excellent information. 

I am trying to tabulate Business that may have higher depreciation but yet help me build wealth in form of real estate or potential customers for variety of services. 

Quote from @Samuel Hudson: Hello friends I am new the market and recently bought a home in Weehawken 6 months backs .Its a three family home and we are currently doing renovations Right now.The rent leveling board told me that two units would have to follow a rent of 1650 for unit 1 which has three bedrooms and another unknown amount for unit 2 which they don’t have the information for .The previous seller I purchased the property from bought it as a tax lien .He has kept the property vacant for two years with no tenants before selling it to me .However ,the previous Owner he bought it from must have had tenants .I am putting in a lot of money into renovations and want some clarity on the situation I am in .The property has been vacant for the two years and currently still is as we are doing renovation .It would be really appreciated if anyone can assist me on what information needs to be provided by from the previous seller for me to be able to set the rent based on the market value .Thank you .