When I searched the BP Forums for "commercial valuation" and "commercial value-add" I saw some information about people finding deals where the seller wanted to sell a commercial property for when it was "Stabilized" - but this seems slightly different than making improvements that go beyond filling vacancies.Obviously I have far less experience than Brandon Turner!

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

Quote from @Zenna Weis: Yes, you can charge the tenant for the repair or replacement if they were the cause.I'm not a licensed plumber, but I have enough experience to believe this is an exaggerated case.

Does anyone have any experience in this very pricey market of NJ/NY/NYC?

Until you have experience in partnering with others on successful projects, I highly recommend working with your partner and an attorney to structure an appropriate, legal, and viable operating agreement, be it in context of an LLC or otherwise. 

Your experiences and insights can be invaluable in helping me make an informed decision.Please feel free to share your thoughts, experiences, or any relevant information.

@Lucas Schlund there are logically, 3 options:1) Buy Cash: PROS: You can get better prices on houses because you can close faster with motivated sellers and buy houses that need repairs to qualify for a mortgage (less buyer competition)CONS: takes the longest to save the funds2) Use Rehab Loan:PROS: Same as #1CONS: more expensive loans:---FHA 203(k): not that expensive, but must live in the property for 12 months before renting---DSR Rehab loan: relatively expensive and may need experience to qualify3) Mortgage on Property with Cosmetic Repairs:PROS: easiest & cheapest to doCONS: lots of competition, so can be hard to find a "deal"PM us if you'd like to discuss these in more detail.

No real movement in the budget to raise the ceiling so I was wondering if anyone on here has had experience with selling these lower ceiling height homes??

Has anyone had experience with this lender?

Estimating repairs is the hardest part and seems to only come from wisdom/experience.