The property will definitely need probate unless a deed was conveyed at some point but was never recorded.

You definitely don't want to set yourself up for a lawsuit (there are enough opportunities for that already).  

I would definitely do that.

Definitely start jumping into the community here and feel free to ask any questions related to Real Estate investing!

I'm unclear on this and have not found a definitive answer through google searches. 

I made an offer on a home last week that I really liked.  However I have a lot to learn about houses.  The inspection was today and there were quite a few things that came up which makes me want to rethink buying this...

However, if you are in tottenville for example, you could be looking at 1.5 hour commute which sucks but you will definitely still have plenty of tenants to chose from.

Despite the "common hearsay" aluminium wiring can be safe, provided the correct receptacles/fixtures are used, or the ends of runs were properly pigtailed to copper.You definitely want breakers over fuses and you would want to confirm the existing circuits have the capacity to handle today's electrical loads and that there is additional room in each unit's panel.

Thanks, @Sam LLoyd and @David Dachtera.I will definitely hire a well company to give me the best read on the situation.Regarding city water, I suppose I haven't entirely given up on that option.  

I can definitely help you explore the option of using your primary residence as collateral even if you don't own it free and clear.