No person gave it to them, they entered and upon entering, seized.A Tenant is someone who is given possession of the property or implied to be given possession.

To put another way, if I price it on current NOI @ 8% cap (which is about right for this deal), that implies $250K or $13K/unit.

Then you are talking about a down payment tied up in the quad while KEEPING title to the new property in the LLC (implying you have purchased it).  

While there are large institutional investors picking up packages of notes as Rich implied, there are still plenty out there both old and new to be purchased by "the little guys".

The "Rehab" part is usually implied due to the price point at which it is bought at compared to the value of the property after repair. 

HABITABILITY AND REPAIRSWarranty of HabitabilityUnder the warranty of habitability, tenants have the right to a livable, safe and sanitary apartment, a right that is implied in every written or oral residential lease.

That implies that you don't have the $$$ to do 10+ MF units.

Are you implying that nobody in NYC is making money in REI because it is too expensive or that you can't afford to buy there?

I have 2 children and I work as a personal trainer, as of now.

I believe I said negotiation skills and experience in general might be worth some cash but many agents will not deliver in those areas and the majority of transactions are pretty average...implying not worth it.