It's a bad model sooner or later (usually sooner).

Ask them for a contractor, lender, title company etc.A good real estate agent should be able to point out good/bad things of properties you view.Good luck on your investing!

OTOH, if she bought it in 2006 at the height of the previous bubble, you may not be too bad off.1031 exchanges are for investments only, not your residence.

Not having a loan is better than having a bad one. 

If the mortgage was rejected, as I'm sure it will, I have to find new buyers in the middle of a market crash.I feel bad for the buyers, the flippers, but investing in NYC, things like this happens.

My thoughts right now are:- $700-900 per month in cash flow is outstanding- $67k to get into the deal is a lot, but it would garner ~$100k in equity- I'm split between keeping the killer loan rate and using the property for cash flow, potentially flipping the property, or actually moving into the property myself (coincidence here, but decent timing/location for a possible move for me)I'd love to hear some thoughts on this.....good, bad, ugly or whatever.

Your written agreement should fit on a single sheet of paper.If the apartment compromises 10% or more of your investment income, this is a bad idea. 

At that time the ex wife warned us that he was bad at managing money and would likely get behind on rent.

The idea you’ve got isn’t a bad one but I’d want to do some research before you lock yourself into a lease at 1000 a month.

From those one looked fairly good, well managed on the upswing as a new owner had come in and started remodeling and kicking bad tenants out. 24 unit complexList 565,000Purchase Price 535,000Gross Rent:138,000Less Vacancy(10%) 13,830Operating Income 124,470Property Tax 8,837Insurance: 6,900Management(6% after vacancy): 7,468Maintenance(6%): 8,298CapEx(6%): 8,298Water: 8,400Waste: 2,700Electric: 8,400(laundry room, hot water heaters, security camera's)Cleaning(unit turnover): 1,800Landscaping: 600Operating Expenses : 60,301Net Operating : 64,169Loan Payments(100% financing): 42,369Cashflow:21,80024 units - 16 2bedroom and 8 - 1 bedroom lofts.