Obviously don't use it for anything but a final walk through until you own it (That would be criminal). just my 2 cents and good luck!

Although it is expensive there, I see it as a safe place to invest for the long term based on having good/consistent tennants.Also, Brooklyn is a fine area and I would not worry about any of the riots. 

For example, a hard money lender backs out at the last minute and never funds the deal so it never closes, or you do a final walk through and aren't satisfied with the condition of the house and back out, or there's a natural disaster right before closing that destroys the house, or any number of things that prevent you from ever owning the house after you sign the paperwork.  

I will be sure to take everything I can into account before making a final decision.

It might make sense from a finance standpoint but there is a lot of sentimental value attached to the house.Thanks!

VA, WA, NC, where we have property, all say license is required, and NC and VA both say a power of attorney may only be used for completing a final performance of a transaction, not used to circumvent license requirement.

His job was to now go around to the 4 siblings and get their signature on the contract (I guess they're paying him for this).I'm wondering for 2 weeks why I'm not getting a final signature from one of the siblings, just excuses from the rep.

The big issue you need to consider is, if you're generating enough cash from rents to cover expenses and monthly payments, you'll be losing money every month.If you're all in to the property for about $70K, you'll need about $800/month to break even on cash-flow -- if you're willing to wait 30 years to generate any cash-flow on the property, that's a fine plan, but your ROI will be tremendously low given that you'll need to be doing some work in that time frame to manage the property or manage the managers.Now, if you can rent the property for $900+ and you don't mind the managing, it's a great plan for long-term wealth accumulation.Again, this is what landlording is all about for many landlords.

Even if more than one of your bids is accepted, until you sign all the extra paperwork that comes along with REOs, it's not a finalized deal.

They issue a final letter stating so. 30 days after that final letter, the 10% retetion is released, (after the bank ensures that there are no outstanding leins associated with the renovation.)It's a great way to get into an owner occupied home.