You may have a recourse if the listing agent falsely claimed that the unit was permitted.

Most agents don't understand or have any interest in wholesaling, and honestly some agents don't seem to know much about the basics of their industry at all.While you do need to understand real estate and the real estate market, I think what's truly necessary is having the right tools and systems to help you as you begin.

But he was too smart for that and read somewhere that he’d save money by not using an agent.

@Kenroy BernardTo acquire a multifamily property in Long Island, develop a VA Loan Strategy, obtain pre-qualification from a lender, factor in renovation costs, conduct market research, build a team with experienced agents, network with investors, strengthen your business plan, expand knowledge through tools, and take action by searching for properties, attending open houses, and setting a closing timeframe.

You should know how you can contest your assessed value, especially if you are buying the property for below current assessment.You should understand if there are any tax abatements available today or in the future.There are real estate tax consultants in basically all major markets, or your real estate agent can likely help with some basic questions, as well.

In the last five years, I’ve had close to 10 investor clients who either became real estate agents or had their spouses do so—because they were certain they already knew enough to handle it on their own.From here, I’ve seen things go in two directions.One path is overconfidence: they rush out, buy properties, and quickly get themselves into trouble.

If that's the case and you aren't viewing more properties in person than you are making spreadsheets on, you are destined for analysis paralysis.Spreadsheets can only tell you estimations based on numbers given to you online or by a real estate agent whose job is to sell the property.

Does anyone have any suggestions for an insurance agent or company?

Note that I am also a real estate agent as well as an investor/builder/developer, so I have multiple ways to monetize a postcard response. 

Researching market trends and speaking with a local real estate agent can help you understand if prices are likely to rise or fall.