I mean the bronx housing stock seems very run down on the interiors as far as im concerned.

My concerns are the same as any other newbie.

No it shouldn't, your concern should be are you paying a really fair price of $60, and not if I am making $1 or $30, greedy people will want a chunk of the $30, but never offer to give me more then the $1 when that is what I'm making. 

But thank you to all who have expressed their concerns, and keep the discussion going.

And thank you for the tips concerning  Keyword Alerts and The Ultimate Beginner's Guide to Real Estate Investing!

I include the following: Tenant understands that any judgment or collection activity concerning Tenant’s default on rent payment could adversely impact Tenant’s credit rating.As someone else recommended, be sure to familiarize yourself with your state's landlord/tenant laws.  

(concerned face)V: "Just the fact that I'm not performing to the best of my ability.

My concern is that if I let them stay two more weeks after that year lease ends, does it become a month to month lease even though its only supposed to be for just two weeks?

(They looked into buy it, however, were too concerned about the tanks in the ground).  

I'm concerned about the risk of runaway utility costs.