If you play your cards right, this could be a great way to build equity and add value to the property.

2) Many flat fee PMC's charge whether property vacant or occupied, tenant paying or not.Lots of games also played with Maintenance fees.

I love these types of issues, makes my locations harder to do, but also protects both my investment and makes it easier to raise rents.It's just like playing Monopoly.Start small and Make Your Big Mistakes Early.Not you though. 

I tell everyone this, New York is one of the hidden gems of investing if you know how to play the New York game.

REI is pay to play. 

In that case it may be a situation that the owner may need to look at how the maintenace of the building comes into play!

They loved it because they got some play money right away and steady income each month without having to deal with toilets and tenants.

I just feel like everything that I am looking at has to be a high effort strategy or an equity/value add play.

Comps to me no longer play the only role because of rates, seasonality, etc., it definitely fights the arguments on re-fis with the appraiser but I'm noticing there's just a liquidity issue that is skewing things.I try to essentially start at the floor and work my way up on the ARV as opposed to seeing the highs and working it down.

Which makes my answer, as opposed to yours, applicable.Especially since I qualified mine by adding "...unless she adds more real estate work"Your argument reminds my of an old joke:- Doctor, will I be able to play violin after this surgery?