I have heard about the rental idea a few times and it makes a lot of sense.

You really should not be entertaining into notes as an investment idea unless you have enough capital to work through the default potential of the loan.There are plenty of sharks in the market who will sell you an asset and not think twice about any potential capitalization issues you may have in the future.  

I ask because I am thinking about doing a top to bottom gut and replace and I am trying to get a rough idea what of people pay.

I'm new to the idea of Real Estates Investing.

I'm a newbie too so take my advice with a grain of salt, but I feel like you've done great already by finding a good deal in Westchester, and maybe instead of selling or doing a lease-to-own a refi and then rent could be a good idea?

I believe I can analyze a deal but have no idea how to vet a syndicator to determine if they have the means and experience to manage the property.  

We'll likely purchase our first house next year.We don't have any plans to buy real estate for investment purposes, other than what's described above, but I joined to try and get some ideas and information to see if it's possible for us.

Even within a state, specific judges can have 'ideas' about what is fair in spite of the contract and the law.

You need cash, probably 20-30% down.It is unfortunate you already spent your money on a personal home, it is a liability not a investment and will hold you back from investing.Shane has the right idea except I would sell the house and buy a multi plex and live in one unit.

Tell me why this is a dumb idea, but let's not get lost in what-if's.Lastly, who are the professionals that I can talk to, to make sure that the work I'm doing will result in a property that is bank finance-able?