One needs to have outstanding local market knowledge to underwrite effectively. 

Quote from @Dan Hertler: I currently manage some of my out of state rentals, but would like to create my own property management business locally in New York (Long Island). 

💪 Start by networking with local investors and wholesalers to find deals, build relationships with contractors and lenders, and analyze numbers relentlessly so you don’t overpay.Stay focused, take action, and don’t be afraid to learn as you go! 

Renting the PropertyIf your parents rent out the home, they have multiple income-generating opportunities: Renting As-Is: A 4-bed/2.5-bath home in a desirable area could command a high rental rate, likely around $2,500–$3,500/month, depending on local market conditions.

IF you can't find information for your local area from a reliable source (ie government) that you are comfortable following, hire an attorney who does evictions.

I am an investor-friendly agent and a local Belleville investor myself.

Hopefully a local wholesaler can chime in to connect.

You should be able to get this approved by a local bank or credit union pretty easily.

Yesterday I went in to the local city clerks office to request a list of properties with code violations.

Purchase price: $190,860 Cash invested: $198,000 I purchased a condo that had already been remodeled by another local flipper.