If you have to borrow the 10k and it would affect your family if you had to pay back the loan on your own then you might want investigate it more or partner with someone giving them the risk and a large portion of the reward.

Get 1-3 contractors to investigate and bid. 

how do you investigate a neighbourhood where you invest?

@Naeem Boucher is investigating in a multi family building in paterson worth the risk...given the high crime rate?

Investigate and take into account the "health" of the home owners association and hire inspector for the whole building, not just condo.

Investigate and take into account the "health" of the home owners association and hire inspector for the whole building, not just condo.

I am investing in Ohio for the obvious reasons (low price, high rental demand, equity potential, ETC) but I am investigating moving to Arizona (outside of Phoenix) , outside of Atlanta or somewhere in Texas (San Antonio or Austin area).  

Also, this is a massive corporation that owns hundreds of multi-unit properties in queens so I would imagine they investigate the issue with their lawyers before implementing it.

Notwithstanding Bienes concern about security deposit, which is something you should investigate, why would you have separate accounts?

One appraiser has already lost their license and another is being investigated.