I still think it's blindly optimistic that the IRS would qualify someone owning 1 rental as a business ... as well as qualifying someone who has all their properties managed as a business. 

I just paid my commitment fee and I am very excited and optimistic about their loan programs and the relationship we are developing.

Syndicators tend to be "pie in the sky" and overly optimistic, so you need to know actual market conditions of your target zip code.For most investors Syndicatons are passive, hands off, and bragging rights that they "have 500 doors" even if it's only fractional doors. ;-) Turnkeys on the other hand are all about you.

So 40% return annual from the appreciation (rent and property) added to the 3.6% plus from cash flow (which I personally think is optimistic for the first year without a value add - think most will have negative cash flow the year of purchase without a value add), plus the equity paydown that is paid via the tenants' rent. 

More capital and/or leverage needed to secure a property.2)  Market determines rental rates, not your agents estimates and not Zillow or the like optimistic estimates. 

I thought I might end up having to use the other rentals as collateral for this deal if the note is called, but that doesn't appear to be the case now.Lots can still go wrong, of course, but I'm over the first big hurdle and much more optimistic than I was several days ago.The seller is letting me market and show the property before closing, and their realtor is letting me use her pro quality photos.

The location is good so I'm optimistic about finding better tenants (haven't had problems in over a decade before these two).I'm looking for help with three questions:1) Do I have any responsibility to call the police or address the tenants myself, and if so, what do I even say?

We haven't made any moves yet but I feel closer than ever and we're researching properties using the rental calc. .. so I'm optimistic.

This three week delay has been extremely frustrating but I am optimistic the rehab will be finished next month.  

But with NY in general and new legislation I’m not optimistic that things take a turn for the better from the landlord side @Johann Jells