Even a typical water heat replacement would set you back signficantly.There's plenty to the puzzle that i am unaware of but with what you've outlined here i would consider passing on the property.you know you need managementyou know you need to remove at least one tenantyou know cashflow is meager after considering management.i personally wouldn't recommend a client take on the risk for such a paltry pay out out of state.Even when considering long term appreciation the average amount of headache one assumes with a property will bog you down before the long term play pays off.

I'm pretty set on where I live, been here 12 years and tired of paying rent.. but purchasing even a condo is 600k+ and multi-family in north brooklyn is easily 1mil.

Starting with the duplex could set you up with cash flow and real estate know-how to take on bigger projects down the line.

Remember, no system is perfect, so avoid the temptation of constantly chasing after the next shiny object.

This is bogus if buyer and seller are independent parties (if the parties are associated then I understand setting true value) as there is usually a reason for the discount purchase (risk items like unpermitted work, crazy low rents in rent controlled area, hoarder, heavy need of rehab, etc).  

There are many opinions but there's only one set of facts. 

What I’ve found out on my own is that your net operating income includes the portion of money you set aside for vacancies, maintenance, and cap ex.

Document, document, document, all of the attempts to set appointments for the repair.

They charge $1500, get you into the door, using you to find a deal, setting up partnership to make you carry 100% debt and all the risk, while ripoff 80% ownership (include the 10% for sponsorship to get loan)You definitely can get some useful information from their event but do deal with them?

2> Terms and best practices: What are some ways to better set myself up to qualify for long term debt service products?