In their minds they think something is a can't lose proposition but then after we talk their eyes are opened to the reality of a particular asset class.Those C to D areas you have to go in with the mindset that you might lose it all.

You have nothign to lose before you walk away.That being said, I wouldn't take "any" house just to get started.  

The acquisition costs are unsecured and you lose a lot of benefits of investing in a tangible asset that you actually own and control.

Regarding negotiating w/ the bank;  very rare nowadays for the banks to accept a price reduction but there's nothing to lose in asking

So if you couldn't raise rents each year for 3 years you are actually losing money.

@Nick Montville Welcome.Most Investors at our meetings are looking for Bird Dogs but they usually lose interest after the first couple of days.

You should go and when they lose a bid, ask them to take a look at your property. 

Or would I lose out?

You should experience very little maintenance for the first 3 years on this home, which is an important aspect to Turnkey b/c the first few years should be about banking your cash flow, afterall, you are paying close to retail and with that should come less maintenance cost and hopefully less tenant cost, but the tenant part is for the most part, is a wild card as even the most qualified tenant can lose their job, get divorced, married, transfer, etc.So long as the home has what I have laid out in the post, I would go for it.  

does anyone know any grant programs in the ny area , looking to buy an investment property as first time home buyer but not looking to lose my shirt