The insulation & drywall stink.

The basic rules are pretty straightforward, and so long as you build a team that includes professionals with direct experience in this area, it is very easy to operate an IRA invested in real estate in a way that produces good return on investment while insulating yourself from compliance risk.  

There has always been a shortage of great deals up here because of smaller inventory and the insulated nature of the community (everyone is one degree of separation from a real estate professional).  

At a minimum, damage from the smoke/fire/firemen includes smoke smell throughout, chipped stucco, broken windows, damaged paint, destroyed eave/soffit, insulation replacement, cleaning, roof damage, and loss of rental income.

Including but not exclusively; new subfloor, flooring, insulation, drywall, lights, kitchen everything, bathroom everything.

The winters are horrible as the house has zero insulation, and the landlord denied our request for him to insulate even just the basement, where there's practically wind coming from the floorboards. 

So during each unit rehab I have upgraded 90% of the wiring as I discovered there were many overloaded circuits that had heat damage to the insulation at some of the outlets & especially the light fixtures.

Some builders cut costs by installing code minimum insulation and cheap a/c units. 

Licensed structure engineer report.Plumbing, dryrot (siding), termite. wall and attic Insulation.  35-50 year old home roof material warranty, gutter 10 year labor warrantyElectrical panel inspection, 100 amp circuit breaker.....100 years any tree in front.

@Jay Hinrichs@Jason LeeNYC is FAR different than any other City when it comes to Real Estate.There is no City Wide MLS but rather several MLS that a Brokerage can become members and NAR is not one of those.The MAJOR MLS's are:REBNY - Real Estate Board of NYThis one is for MOST of the expensive areas of Manhattan and BrooklynBrooklyn MLS - This one is for the other areas than the expensive areas of BrooklynLong Island MLS - This one is used primarily for Queens, NYCStaten Island MLSThen there is StreetEasy, Craigslist, etc.Because there are SO many MLS.... it is easy for a Broker to list their Property on one MLS and then not follow the rules of the other MLS that they belong to.I don't think Jason really understands the level of corruption and Games that Brokers play.Because I started a Brokerage as I became a Broker and I have been an Investor for 21 years in the Brooklyn Market, I have seen a LOT of it.I thought I really understood it until I opened up the Brokerage Office.Now I think I got a full understanding and I know what to do to ensure I am fully insulated from the Games that are being played.Brooklyn, if not all of NYC, IS the Wild, Wild, West of Real Estate.I resolved a very difficult situation just recently involving a $400k Earnest Money Deposit.