This is still a huge discount over what a wholesaler would sell an equivalent house for in my market.

Fuel prices---cost of jet fuel can have a HUGE impact on airfares.

Most owners/GP/sponsors just review reports and re-process internally with staff.Serving PMs and investors is a much bigger market...

I imagine there may be steps to take with the city upfront to determine if in fact the ground on the lot can be built on, but some general guidance or tips on best place to start and what to expect throughout the new construction process in Buffalo.

When we get farther into this process, I will absolutely ask to see all the leases and proof of payment history for the current tenants. 

Also want to add that she had multiple violations such as having a dog with her while her contract states no pets and she was contacting repair facilities and acting as my agent or pretending to be a property owner and interfering with repair process. 

I concur with Robin's comment about the DSCR loan, but it can be an intimidating process.

Finally- you can eliminate 95% of the troubles and risk by simply having professional and legal screening and management processes, so don't sleep on that piece. 

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

The first purchase is always a huge learning experience.