You can tell that the lender isn't granting this extension under the provisions of the loan's 1-year extension options.  

In fact, even with my extensive experience, I choose to have all my properties professionally managed.Here's why:Tenant Selection Is CriticalThe most valuable service a property manager provides is selecting reliable tenants.

@David F.As Russell mentioned co-ops are probably 1/2 the price of a condo and you would also have extensive costs to set up a co-op and typically it’s my understanding the builder funds the first 1-2 years of reserves.

An ignorant person lacks knowledge or awareness.

I would say it could be done, just need to have the following:#1 - Have great overall knowledge of that market, and better than agents.#2 - Learn how to run comps so you know the value of the property better than anyone. #3 - Have finances in order (i.e) is this going to be bought through conventional, cash, HML, etc.

This knowledge is worth more than one deal. 

. - Roof was installed extremely poorly, they missed several decking boards that were soft, shingles installed either with extreme overhang or none, 1 ft dip on one side of the roof- Lots of other smaller issuesBUT Kenny is paying for everything - the extension on my hard money loan, the foundation inspection, subsequent repairs, the roofing redo, and other things in between.

If you’re interested in investing here, I’d encourage you to speak with a knowledgeable local real estate professional or lender to get accurate guidance.

To me at my current knowledge level, this deal only works if taking over the loan - to limit the out of pocket money to acquire the property since the outside reno and new septic would take up the bulk of rehab costs. 

Does anyone have knowledge of real estate meetups  in the San Fernando Valley?