It’s a great reminder to trust your own due diligence and not let others make critical decisions for you, like hiring a property manager.For future investments, building a trusted team and maintaining direct oversight is key, even with remote deals.

(NY counties are generally quite expensive)Do you have home owners insurance to cover fire or other damage?

You also need to consider that at a lower percentage of money down you will be paying a Mortgage Insurance Premium or MIP. 

Stick to areas you know well; this familiarity can greatly reduce risk and boost your confidence when making purchasing decisions. 2.

There are opportunities out there but some strategies are risky. 1 - Airbnb (STR) comes to mind - very competitive, very saturated and becoming highly regulated.2 - Most STRs are transitioning to MTR so that market will be saturated soon if it isn't already.3 - Insurance crisis in florida is getting bad so those costs will eat up cashflow and short term appreciation.

It wasnt an easy decision, but he’s now breathing easier with stronger cash reserves.Another thought: refinancing.

I have a client in Kansas City, MO that had to make the EXACT same decision a couple of years ago.

This is not a person who is making good life decisions. 

Make an insurance claim and buy all new stuff.

@Janine Sharma The decision to classify your onsite mobile home park property manager as a W-2 employee or a 1099 contractor depends on the degree of control you have over their work.