Additional books that focus on what you choose could be a good next step.  

First two times payment was made shortly after and additional fees paid.

Additionally there is an issue with the subfloor in the bathroom and it is no longer safe to use the restroom.  

The 150 is in addition to current rental cash flow.

I would additionally have enough to cover 6 months of mortgage payments (including tax and insurance).   

Additionally since insurance costs are born by all policy holders is it fare to allow any person to qualify for insurance when the likely hood is that their home will be repeatedly damaged or destroyed in the future.

In addition, as a licensee, I am able to see a lot more detail then public remarks.

This might be a long shot here given the competitive nature with the addition that NYC pushes for stabilized rental units on multi families, but I am wondering if there are any real estate agents that focus on tertiary markets in NYC on 6+ unit homes. 

I think the best way to sell would be to rewrite the contract to have Mike sell to Bob and or assigns to put Bob in the position of the wholesaler, so that if the home sells for $550,000, Bob keeps the additional money.  

This is why it is important to have a competent CPA on your team who understands estate/trust/gift taxes in addition to business taxes.