I can sell for $100,000 more than what I paid.The city I would like to purchase rental property in is more expensive than where I currently live.

I paid attention.

If you win a bid, you are inheriting an expensive headache, a safety concern, and a tax liability. 

But for a loan in a good city to approved i think it has to have income to cover the mortgage and the expenses. 

I’m guessing that the payoff that I had seller financed gets paid to the seller, I keep the difference and everything closes just like normal?

My sister has a decent sized rental portfolio and has seen her cash flow totally eroded over the past 5 years even after refinancing all the properties to rock bottom interest rates during the pandemic due to the tax increases, and many of them are more than 2/3 of the way paid off.

What is typical range of commission paid to real estate salespeople from brokerages in nyc? 

Many of the properties in more desirable areas (and higher potential for appreciation) would allow me to pay just about the same that I am renting right now after considering every expense under the sun (PITI, vacancy, PM, capex, maintenance, etc etc).

I’ll have this place more than 50% paid off and will see how the rental market fairs before adding leverage.  

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