Like a Realtor3) Have a deep financial contingency set aside. 20-30K at least. 4) Don't be in a hurry.

@Connor McGinnis, the strategy is really contingent on the specific market and moreover the tenant base in place.You are looking to achieve 33% rent increase.  

Since investors and househackers in New York are exposed to more inventory, they are seeing dozens of available properties that fit their criteria vs. just 1-2 properties a year ago.We have more available options, which results in househack investors and homebuyers having more time to negotiate lower purchase prices, better terms, and more favorable contingencies.

-Calculate your own cash-on-cash-Contingency 14-day inspection

made an offer on a property only to find out later that one of the units was going through an eviction.tried to extend our inspection contingency to no avail to buy us some timeended up not being able to come to terms on how to proceed with sellerthe last HOUR of our inspection contingency the seller offers to try and buy out (cash for keys) the tenant the next day (he had a property manager handling the eviction and wasn't even aware of it initially).i get a (risky) oral agreement that even though the contingency window had passed, if the plan falls through my client will still get their EMD back the next day the seller ends up buying out the tenant for a bit over $3,000 and now we can move forward with the deal without the headache of a problem teanant/ picking up an eviction.

Build a contingency budget into your plan by allocating an extra 10-20% for these surprises.To get ahead of potential problems, conduct thorough inspections from top to bottom before buying a property.

Are there any contingencies or reserves for unexpected costs?

People tend to think that all there is to it is filling in the blanks of a contract, but understanding the process and how to negotiate the nuances in your contingencies are where tens of thousands of dollars are lost or won.

You should not have paid them out of pocket, that transfer should have been a contingency of the sale.

They will be able to help you evaluate the deal, find a CPA who can analyze their books, make sure you have all necessary contingencies in your offer and find the any and all skeletons in the closets...Good luck!