Depends on how much repiping you have to do Inside the duplex, which depends on how the existing water pipes are run.

The return for a flip, especially if you've overcome the lead paint issue, would put you in another bracket as well.As for the existing 2 bedroom,  I'd try to switch the living room with that one bedroom upstairs unless it's normal in that area to have living rooms downstairs.

Of course most investments are not guaranteed, so that's a more risky, but possibly more rewarding way to go.Of course tax consequences exist too.  

@Jassem A. thank you so much for your quick reply. im looking at getting started with real estate by trying to find some seller financing since my funds are limited but im also in the process of moving myself so this could be interesting..buy im being very careful of the due on sale clause so i must make sure their is not existing mortgage out on the house, correct?? 

I veto things they want to look at because I know the margin is non existant. 

NYC properties are expensive but retain some sort of value, while other suburbs may help you get some cash flow.

Not saying it doesn't exists...I'd just be very curious how they are managing their business.

I have three clients that assure me they will pay a $150 Retainer fee once I find them a house for them to rent.

In your post you say that Trump assumed the loan when he bought the property but mention in your next sentence that the bank didn't know about it.This means that Trump bought the house "subject to" the existing deed of trust without the bank's permission.When a person "assumes" a loan, they are getting permission from the lender to step into the borrower's shoes to take over the loan. 

I'm curious how others handle this circumstance or if there's a network that already exist.