Rehab costs spiral out of control very quickly for inexperienced investors 3.

Once you get a signed contract from the seller saying that they agree to sell "you or an assignee the property for" an agreed price, you then have the right to buy, sell, or control the property as you wish, allowing the rules and laws in whatever jurisdiction the property sits.In other words, if your state/ city allows you to "wholesale" a property without any improvements, that would be pretty much your process.

They can spiral out of control quickly.Create scalable systems.

But I read about changes coming (stricter rent control, moratorium etc) If you were to sell, I'd reinvest that money in a different market.

If it is lower players will retract, because they can't be profitable.Real estate is no different.

How Can I Get Started"[1] Knowledge of what you want to do, and what you don't want to do.For instance I want to make money by housing people in clean decent housing (for a good profit), but I don't want to be the guy doing it in dangerous areas, or in rent controlled areas.

I am installing WiFi controllers for both thermostats so I can monitor and also purchase a cheap wall unit for their bedroom.

@Nicholas Ludwiczak -- sounds like an OK trade off, as you're in control of that path!

@Susan Maneck - Yes, eliminating your rent can be a huge form of "yield", living in your property gives you huge tax incentives upon sale and in New York you would rather avoid anything over 4 units due to rent control and rent stabilization complexities as a newbie investor.

The last thing they want to do is step in and have to take control.