I would also like to mention I am actively looking for ways to cut my current spending habits down to where maybe I can put more money back into savings each month towards my RE goal, and I'm also going to start looking into Credit Counselling or something of the sort.

They are trying to tape and glue the place together and are selling rather than dealing with it, a lot of deferred cap ex stuff. ..This is why the trailing historical financials and for as far back as feasibly possible is vital.

Is the Brooklyn property habitable or do you need to do significant work to make it a rental property? 

Here are some great books that I have read and have provided some great insight not only in Real Estate, but also in life.Millionaire Real Estate Investor - Gary KellerRich Dad Poor Dad - Robert KiyosakiReal Estate Advantages – Sharon Lechter and Garrett SuttonThe ABCs of Real Estate Investing – Ken McElroyThink and Grow Rich – Napoleon HillThe Seven Habits of Highly Effective People – Stephen CoveyHow to Win Friends and Influence People – Dale CarnegieE-Myth by Michael E.

A failure of an educational system run by government employees, but I digress.All this knowledge and understanding, while vital to becoming a successful private lender or investor, will bring you only from the basement to the ground floor.  

Written leases are vital in protecting your home; verbal leases are a recipe for disaster.

Cash buyers are VITAL to have a rapport with, as you will be doing more business with them..so you want to have that established.

Don't let anyone talk you out of either one of these very vital steps to success.   

I stated it was my intent to perform repairs on the property and felt the unit would not be habitable during such time.

If all else fails, then yes, paying for 1 night in a hotel would be on you since electricity falls under the habitability covenants.