@Moshe Cohen   The easy answer is called "delayed financing" assuming you are buying/bought the property with cash. 

How did you go about getting your second property?

I have owned many properties in Westchester over the past 30 years, but it's best to make them fix the permitting or rip it out or use those things as a way to get a better price, which you won't get in Westchester.You only accept as-is bathrooms or basements without permits when you are going to do a full rehab yourself and can get a temporary CO.

I did a search on vacant properties and then did a drive-by test yesterday.

The subject property is zoned Neighborhood Conservation (NC). 

You have no real estate investing experience, but you want to buy a 50-unit property?

I’ve been learning about the industry / different regional markets for the past few years and am eager to execute my first deal in the near term and continue growing through this community.My primary goal is to purchase a property I can live in while generating rental income (e.g., a single-family home with a tiny house, a duplex, or a single-family property where I can install a tiny house).

We have a small rental property that had a tub drain leak causing extensive damage to the floor/subfloor.

Changing the deed into an LLC will probably prompt the mortgage company to call the loan - you will have to pay the loan immediately because the property is no longer owned in the same entity that originally got the mortgage.

If a property owner stops paying on a note the lender just “takes” the property3.