The strong market demand in the area indicated a high likelihood of a rapid turnaround.

Let’s say you own a land lot worth in the market only $20k, but because land prices are all over the board, you have a legit appraisal at $50k.  

This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.While the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall annual loss.

Then also decide whether you want to chase down loans to find and originate or buy loans on secondary market from others.

I am not sure I fully appreciated the scale of risk as I was not aware there are daily fines associated with class B violations.Following closing, I reached out to an expeditor I was recommended and the guy basically took my initial money and did nothing and then stopped responding to calls/ emails - finding nobody will work in NYC without money up front is hard.

Most deals are found off-market or in significant value add situations that require upfront capital. 

Perhaps they like to see a written 7-day notice (and perhaps with some type of evidence of “service” on the tenant) not work before you take the matter to court; tho, the following document also does not seem to care about the time or the manner of the initial demand (Notice): https://s3.amazonaws.com/cobbcounty.org.if-us-east-1/s3fs-public/2024-03/Proceeding-Against-Tenant-Holding-Over-Eviction-Form.pdf.

. $800k is a drop in the bucket when I enter a new market.

Replacing the furnace will allow you to market the property with an awesome, new fuel efficient furnace instead of a fuel hog that could break on any day.

If you do a case study also consider what market appreciation and mortgage paydown would occur in both scenarios.