Consider conducting thorough market research.

There is some industry in Albany, namely, Miller Brewing, Proctor & Gamble, and a small Marine base.

We've been in this market for over 11years! 

I've found success in passive investing as a means to learn the industry since my money is put to work but more experienced sponsors are doing the heavy lifting and I can learn from everything they're doing.

I've developed a few sites that were 5 acres plus industrial builds.

If the real estate market pulls back, this "partner" has 100% of the risk of losing money.  

Understanding the local market, neighborhoods, and community dynamics can provide you with a valuable edge in making informed investment decisions.

There are definitely pros and cons to each so I figured I would just lay out a few benefits and personal thoughts: Small banks/brokerages:Pros:- Some regional knowledge of the market- Possibility of more creative lending guidelines with bank specific programs- Sometimes they have competitive rates for their areaCons: - weak balance sheet (more strict on some guidelines, no wiggle room, inability to be flexible or grant exceptions because they cannot afford to hold less than perfect loans)- Can't scale with clients to different markets- Usually limits exposure to individual investors (they don't want one investor to be too big of a portion of their balance sheet)- Lack of experience with multiple solutions (tend to have 2 or 3 loan products they sell and are too niche to provide tailored solutions)Large banks/brokerages:Pros:- Large compliance departments that understand individual market guidelines (typically each state has specific lending guidelines that augment the national baseline)- Ability to scale into multiple markets with same lender (licensed in many states)- Impossible for individual investors to "outgrow" a large bank's balance sheet (not concerned with one investor's concentration)- More lending solutions available for different scenarios- Often comparable or better rates given the game is volume basedCons:- Can be more difficult to get fast responses if the bank/brokerage does not have good follow up systems in place (or if the underwriting/processing staff gets overwhelmed)- Bad large banks can feel less like a relationship and more like a cog in a factory (less personal)Overall, I have worked from both and worked with both as a loan officer, branch manager, and as an investor/client myself. 

Their policies are full of legal and industry terms that can be difficult for the layperson to interpret correctly.

It was convenient for him because asking price was below market value and the home had a basement apartment, which he rented out after purchasing.