The idea of finding the right property manager and dealing with a property sight unseen is still unfamiliar territory for me.

Contractors in NYC are expensive because it goes with the territory and labor rates are highest in the nation. 

Even if they prove it's mold and that it's dangerous, there's no guarantee the Landlord will handle it properly.

If you ignore the restriction, you have to make the conversion without permits which is dangerous in terms of health and safety and in terms of your financial health - the city can force you to remove the improvements and, in one case I am familiar with, to tear down the entire illegal structure. 

@Stefan DruzdzelOnce your properties get up past 50 years of age, the sort of capex rules of thumb used for newer properties elsewhere tend to become more and more dangerous here in Pittsburgh, where so many properties in older urban areas are still being pressed into service well into their 80th, 90th, 100th year of operation.

This is all uncharted territory for me and I have been in analysis paralysis. 

While we do not want these to happen, being in an area where issues, like fire, floods, ice storms, hurricanes, happen, but being outside of the primary danger zone, creates impulses of opportunities to crank CoC returns and longer term rehab tenants.  

dont get me wrong I agree with you the guys that are promoting this like its a simple safe transaction have only one goal and that is to sell their training I have written many times on BP how dangerous sub too is especially to the sellers..

Quoting based off price per square foot is dangerous.

It's not in danger of being condemed any time soon.