Before 2008, 6-7% was a great rate for investment property, and our first home, we assumed a first mortgage of 11.75% in order to buy it from the bank, so we appreciate this low-rate environment as we feel long-term that this will be seen as a small window of opportunity, maybe lasting a few more years before rates rise again.         

They will usually know the local environment and have gone before the local authority for appeals before.

And you have big advantage being young and having your money grow in tax-free environment.

.$500 dollar properties can turn out to be environment disasters some can be under orders for demolition etc There is a lot of liability in buying a property with out an expert investigation

Find a property management company - let them know I'm an out of state investor, find out more about the micro environment of particular neighborhoods, etc.

I am familiar with my own environment (Wisconsin) but would like some information on how things are typically managed in New York.My questions:1.

A duplex may be small but learning in a controlled environment is invaluable. 

A Phase 1 Environmental Site Assessment looks at all available records to determine past property use, any record of spills, accidents or action that incurs a long-term potential hazard to health or the environment.

.), and they have several sub-groups that meet up each month in a smaller, more personal environment.

Being prepared and looking for opportunities is the best you can do, even in this relatively-high rate environment.