Well done.

It's that simple.Doesn't hurt to have real hardwood floors and A/C as well.

This post can be informational:https://www.biggerpockets.com/forums/51/topics/1088325-expla...as well as this discussion:https://www.biggerpockets.com/forums/51/topics/1225072-do-i-...A lot more of similar older threads can be found on this very forum.

Well hold my beer.

Reducing risk requires at least some time spent in research and involvement in a deal.There are many other things you learn along the way as well. 

Thank you for your insights and have a fantastic weekend.Hi Kevin - I’d like to hear from Long Islanders who have this experience as well.

If you don’t have a certain amount of funds set aside for these situations as well as your portion of closing costs and some extra reserves for once you close then you’re likely not financially ready to be buying things.

.- The inspections are only 5 years, but tenants are not likely to take care of them home as well as you, and refurbishing hardwood, lath and plaster, and anything else is going to be much more expensive than the typical Landlord special (white paint, and grey LVP)It will all come down to making your numbers work.

Best of luck to both of your daughters as well!

Head over to bank rate or and take a look at the mortgage calculators, plug in the numbers and get an idea of what the property needs to generate to satisfy the intended debt.You still have to underwrite the deal for the non-finance expenses as well(typically 40-50% of the gross rents).