@Noam KorenThe historic northeast is like any C area, with good PM you can have great cash flow and with bad PM you can have very bad results (trashed units, non-paying tenants, evictions).

Its priced well, needs work(which is fine) but wondering if anyone has had any experience buying, living, or managing any rentals in this area or near it?  

Having a solid team around you like agent, lender etc.

Too complicated and feature rich can be a drawback as well.

Flexibility – Investors at the beginning may often like the flexibility of mixing and matching coverage as their needs change or their risk profiles evolve.While this approach works for many Investors initially, as they scale and risks become more complex, managing multiple policies and relationships can be burdensome.

@Joe Jor brings up some great points and I like his suggestion for contacting the building dept.You may also be able to negotiate credits or for funds to be held in escrow - until seller removes open permits, violations, etc.Lastly, for estimates on the work that will need to be completed on the property, you could also contact an expeditor who services Westchester.All the best to you on your search!

Go with your gut - it sounds like you have good instincts.

Then once I feel like they may be a suitable borrower for my business model, I consider the deal.   

In my opinion, this is much more effective than texting, which often feels like a constant game of cat and mouse with phone carriers.

You can 100% refinance into a DSCR loan and close/vest in your LLC, however, I would imagine the rate is likely worse than what you have now with the conventional loan which would impact your monthly cashflow.