I will say that I hold a pretty stiff standard of margin, more so than most flippers I know... so I pass on plenty of deals and tend to only go after the 'really juicy ones'

If your property is 4 units or less, then its just a multi-unit loan which falls under the same guidelines as a typical conventional loan - i.e, SFH loan.If the property has 5 or more units then thats what is typically referred to as "Multi-family" and those would fall under commercial terms which tend to be quite different.The other factor here is whether you are going to move in to one of the units or not.

But their jobs tend to morph as they get ideas and one can expect change orders.

I tend to go both ways on this subject.

One way would be for you to be the credit or sweat equity partner, but I generally find people who have cash tend to have good credit. 4.

Now it is $450.I know a lot of people think buying a house that barely cash flows is nuts but I believe we have been wrongly conditioned to think cash flow is king.

The problem with NYC is that the lower priced properties tend to be co-ops which create many challenges for an investor.

In my simple mind, I tend to want to look at how long it would take me to build a 6 month reserve of "float" money based off of my net cash flow from the home.

I have seen this trend go the other way, and if that is the case, I tend to shy away from the property.

This will tend to make you more committed to accomplishing them.