Don’t use a once in history (National house prices dropping) or a worst in the country examples (30-50% drop in a few markets) as your expectations of what’s going to happen again soon.

Worst case, they say no and you have to hire one yourself.

As you and Joe have mentioned I do believe that I made the mistake of thinking that the county site showed the FMV when in was only the assessment value for tax purposes.

We are on Long Island, NY and prices are pretty high but I'm wondering if there are any options for me to make this into a positive as my first rental property or if this would be a big mistake.

We paid a pretty premium price to a contractor company for the bathroom because we were installing a washer dryer, they promised us a bunch, sub contracted, missed schedules, mismanaged the project, went over budget, and 2 months over time line.That said 3 months should be enough if its well oiled, but I would definitely plan for the worst, and hope for the best :)

As a Broker for 30 years, this one is the worst.

They need to have a safe area to fail and make mistakes.

." -- This is either a material misrepresentation on the seller's part or a mutual mistake.

Expand your network, don't try to create something in your current network that's not there.The worst thing you can do is pitch a buddy on something he's only feigning interest in to be polite.

With this, I am trying to make sure I am cash flowing at least $50 a unit once I move out of the property in a worst case scenario (accounting for all other expenses besides mortgage such as property tax, insurance, repairs, vacancy, cap ex, etc.).However, I recently heard a real estate investor say to always use commerical loan numbers in real estate investment calculations (25% down, slightly higher interest rates, no mortgage insurance), even if I plan on originally using an FHA loan to purchase the property.