So a loss of about 55k We did a lease to own option so I could immediately take over expenses but keep their primary resident loan and interest rate.We agreed to a deal which would cover all their expenses at closing, their remaining loan balance, and $45,000.

Activities that deal with electrical or plumbing should be outsourced to avoid more expensive issues unless you have some prior experience with the simpler repairs in each.

I recently had a client purchase a duplex in Forest Park here in the western suburbs with this exact plan in mind.

I'm planning on hanging on to my primary and renting it out (medium or long term due to local rental laws).

Is that an imputed cap rate that you use as a rule of thumb based on your expected operating expense margin?

@Jaycee Greene I see, I would still love to stay connected as well given I plan on executing the BRRRR strategy on the MF units  I plan to acquire this year. 

So a loss of about 55k We did a lease to own option so I could immediately take over expenses but keep their primary resident loan and interest rate.We agreed to a deal which would cover all their expenses at closing, their remaining loan balance, and $45,000.

Hello Dana, For that purchase price in Brooklyn, NY, you could be looking at considerable unknown expenses at this point.If the property is occupied, you'll have to factor in attorney fees and holding costs while you wait to gain access to the property.Furthermore, you could be facing additional costs related to title issues: open permits, violations, liens, judgements, etc.

(b) Is it okay to talk to multiple realtors at the same time (I'm thinking it would be better to have a separate realtor with lots of market knowledge and experience in each of the mentioned locations) or should I only plan to use one?

I am not a bankruptcy expert, but isn't that procedure used to release people from existing debt but not monthly expenses.