Aim to increase your Operating Income by acquiring 3-4 units for the next purchase.

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

That ends up leaving a void that's filled by unprofessional, and in some cases outright criminal operations there in the PM space.

A common strategy used by investors, such as those operating through PadSplit, involves purchasing the property, completing basic rehab, refinancing, and then using cash for the interior build-out.Another potential red flag, even without converting common areas, is the addition of individual locks on bedroom doors.

But unless their businesses are structured very carefully they're no operating in the clear. 

We will have a partnership and operating agreement set up.

Since you have bought a foreclosure before, at least you have experience with the liens and the process, but you won't get a final tally of the liens unless you can get your title company to run soft title search for these things in advance.Closing on a foreclosure anywhere in Brooklyn seems like a nightmare to me from an operational end.

@Eric LoweIf you cannot find a local firm, reach out to these experts who operate national firms:  @Bernard Reisz, @Yonah Weiss, @Julio Gonzalez. 

But honestly, there are multiple (mostly all) operating illegally.

That is just a one off report so before you spend a buck fiddy, it is a good idea to visit a couple TK operators in person first.