Governments in our Western democracies kow tow to the corporate world and get 'sold' the message that these entities, even when they prove breathtaking incompetence, somehow need saving - and then to add insult to injury, all at our cost.Agreed, this does offer a huge opportunity for those of us with the tools to operate in this market but for me, there is a bigger picture that can and will benefit humanity.

You made a serious mistake to accept the property without inspecting it.Once you move your stuff in, you've taken possession and you have to give a 30 day notice that you are leaving, so, technically, you owe the first month's rent.You made another bad mistake by trying to play top dog with your landlord, where if you'd approached it in a more reasonable fashion, you might have been able to coax him into fixing the few problems.

And so much is just simply exercising some good ole fashioned common sense

For an asset that is valued based off of income it seems that there is hardly any multi-family deals that will cash flow even if you are able to "value add" in some fashion. 

It’s an old fashioned wooden barn style garage.

Preferably someone in Western Suffolk that has other REI clients.

I know three rules to start - purchase price, rehab cost and completed value.There are another three rules  - Location, Location and LocationAlso, I use good old fashion MAO (Max Allowable Offer & a Cashflow Worksheet)Philadelphia is still a great market depending on what neighborhoods you are focusing on and your affordability with your pre-qualification in obtaining a mortgage for the asset.Let me know if there are any questions by PM.Regards,Joe Scorese

However, he communicates well with me in a timely fashion to notify me that he will be paying rent late and has always paid the late fees.  

As a young investor, there are several things on your side, such as low cash output now (like you should have no or a low car payment, reduced student loans (if any), etc), ability to learn in an orderly fashion about RE investing (and not be rushed) and time is on your side, which can help you multiply your initial investment and give you a chance to expand your knowledge through committing to several RE transactions for the next few years.You say you want to get started?

If there is a need for extended stay hotels, I don't know as I go and look to convert a failed Best Western.