Good responses on this thread. 

@Uendy Garcia, to echo @Greg Kasmer's response, always look at COC on that initial deal. 

I had some issue in the initial setup, but they were very responsive and worked quickly to get it resolved. 

Jason,Thank you for detailed response.

Hope someone can give you a more granular response regarding Brooklyn, NY in particular. 

If the house is solid and in a decent area, you could do it.

This means if a window air conditioning unit or portable air conditioner was left in the home by the prior tenant, and you do not want to be responsible for maintaining or replacing it, it must be removed from the property prior to showing the unit for lease.    3. 

BRRRR - If there are savlable parts (i.e. solid floors, and decent tile in the bathrooms) I will rehab what is needed, refi, and put a tenant in there. 

If you want professional, solid tax advice, you need to pay for it.  

You have all of the same responsibilities you would have as an active investor when it comes to due diligence and details.