I focus only on buying subject to existing financing.   

The negatives I would imagine are frequent turnover of tenants, cost, and time for repairs.Is there any kind of other value add other than raising the rents? 

Or if the client is trying to sell a mixed use asset like a convenience store restaurant or motel, they will frequently try  to negotiate higher allocation to the land and building and a lower allocation to the FFE (fixtures and equipment) since only the land and building can be included in a 1031 exchange.When and if you finally sell without a 1031 exchange a higher land value can certainly be a huge tax mitigator!

Key differences I see: Much higher rentMarginally higher fixed expenses around $525Marginally higher variable expenses around 725 - as it is an older house, as are all in westchester, frequently more things break, keep a larger repair budget available.If you are living in a unit then you would be on the hook for about 2545 (2345 + 200 missing cashflow). 

Thanks for the answers, I read some other bigger pockets posts about that subject too and now I know what to do, Thanks!

ESPECIALLY  subject-to, IMHO the most complicated deal pre and especially post closing.   

I was thinking subject to since they dont want anything to do with the property and dont have equity but i'm not sure how that works with a reverse mortgage.

I really enjoyed Traction, the 4 Hour Work Week, Millionare Real Estate Investor, Extreme Ownership, The 10X Rule, Make your Bed and I reread my books frequently.

While there are great tenants in all income levels, but in lower income areas, I typically have higher and more frequent turn over.  

@Brayan Noth,Approval of Financing was selected on 3rd party financing addendum, which says the contract is subject to buyer's obtaining buyer approval.