SROs once populated much of NYC and has since been phased out through renovation, demolition and updates to properties.

Also be aware of Unrelated Business Income Tax (or UBIT) on leveraged real estate inside of an IRA.Or better yet, since you are self-employed - go with a truly self-directed Solo 401k plan, which would be a much better option and will help you avoid the UBIT on this investment. 

There is such an incredible need and i believe this dream God has given me can be a lucrative ministry and help many people.

However, many buyers got some very good deals during this time.I would say that Buyers beware if its a "feeding frenzy" because they may be overpaying or giving up too much on the deal.

(They’re also in the midst of being evicted for non-payment so I feel like I don’t have that much to lose here).

I haven't found much helpful information in my search so far.I've purchased and rebuilt three homes in the past, but I've never done a new build from the ground up.

Hey Justin, You sound like a prime candidate to take advantage of section 121121 qualifiers Must live in the home in the past 2 of the 5 years 24 months non consecutive required Must have owned the home for at least 2 years Only one spouse needs to meet the ownership testBoth spouses need to meet the use test Neither spouse has excluded a gain / used section 121 in the past two years Must file jointly for the 500k exclusion

In addition, it is pretty much impossible to purchase a 2-4 unit where you have to do nothing and get an immediate COC return.

How much can you lean on a good investor-friendly agent for any of this, especially for a first timer?

Since you're new to this, building a reliable team of professionals, an experienced agent, a lender, and a property manager→ will be crucial for long-term success.If you need assistance with financing or further guidance on scaling your portfolio, feel free to reach out.