They keep rent low, give gifts and homemade cookies for Christmas, make upgrades whenever the tenant requests,  accept all the late rent excuses, etc.The truth is, your tenant is not your friend.

Syndicates that used lower leverage points and have far-out maturities (such as 2029 or later) are likely to survive as long as they don't run out of cash to maintain the assets for longer-than-planned hold times. 

While I haven’t invested in NYC specifically, I can share a bit of perspective: For a 3-year timeline, buying can make sense if you’re confident in the market’s appreciation and can find a condo with flexibility for renting it out later.

Our Private investors will fund the remaining 10% of the purchase price, the first portion of the rehab (to be drawn later from the HML), and the holding costs. 

As the unit is still being renovated, we didn't take pictures yet, but I am trying to be proactive and start looking for renters sooner rather than later.  

But from my limited time in the game, I’ve found that my complete lemons are cash cows a few years later as market rent comes up well and my cap ex fixes a few years ago have paid off.

Hi Chris, I really think you make most of your money from the tax benefits and later appreciation that comes from real estate. 

Walkthroughs are never detailed enough to be final (ie often tenants have lower disconnected and discover broken appliances later.) 

They might run another one by you later that you are able to make work.

Both are strategies, it just depends on what you’re looking for now versus what you’re looking for later.