But I ran into a person who told me that we cannot conduct subject to deals here in NY.

I would keep the money if I chose them and they changed their minds or if I ran the credit and found something bad that wasn't disclosed.

Either way, you need to factor ongoing maintenance expenses into your calculation - it's not going to be as cut and dry as $500/month in profit ($2000 rent - $1500 payment).3) Make sure to do proper tenant screening - credit history, references, etc. - even if you know the renters.

I ran into this property on a rental and it cost me at least 40K on the appraisal.

I'm a 'newbie' at analyzing rentals, and I ran the numbers to death before I just put offers on my 2nd rental (first was a conversion from my primary to a rental in 2010). 

I say "seeing," in quotes, because I ran the numbers based on listings only, and I have not actually seen the properties yet.

Now the stock is pennies and teetering on going bk.

Generally some upfront and residuals on the payment.PM work would be you are working for a landlord leasing up a strip center etc. and then doing the ongoing management of the center month to month.

The tenant I evicted actually owes me several thousand dollars due to unpaid rent and the rehab work needed to make the property rentable again.How did you decide on going the small claims route (vs other methods) for getting your money back?  

I think the fact is no property manger can be superman if the properties itself is a dog which it sounds like reading that 8 page thread on Will's investments that duplex's by and large in Indy and especially ones under 100k are D s and prone to ongoing issues according to Mike D'Ariggo ..