It is a serious safety problem.

You didn't include your age, but If you were to do this a few times, be patient and buy smart, it's entirely feasible that you could "retire" after a few years.

I've always viewed this property as my safety net (I grew up poor and never want my family to fall on tough times).

If they have been helpful and patient, you could always repay them by leaving a good review, giving them a referral, or using them for the NEXT purchase :)  But, even though the 'seller' is paying for the RE commission - you're really the one paying in the end, and you shouldn't feel bad asking for their services!

I'm not "in love" with Belmont but it's OK.I would definitely use 40%, maybe 35% if you're going to submeter all utilities but also given that 421a expired, your taxes will kick you in the *** harder than you think.New construction in the tri-state area is $250-$300k/unit from the people I've spoken with so unless you've got really patient money and/or you're 1031 exchanging into this deal I would stay away because you're not going to be ending up with some crazy returns on this deal.

Trying to be patient and make my first "deal" a good one.Langdon

Regarding syndications, if you are an accredited investor, you can buy into $50-125M projects with as little as $100,000 and diversify for some added safety.

It is as I feared I have to be patient and save and learn all I can in the meantime.

I believe it is very important to be patient and be firm on your offer price because the Seller usually calls back bagging you to move forward with the deal at your price. 

That seems like exactly the same thing, but with more safety for the seller.