However, it is seeming to me that it is extremely risky for those who are not essentially experts in rehab.

I don't expect a response in one hour but they should certainly respond within 1-2 days.When tenants cut off communication, it's often an indication they are hiding something and I use that as a trigger for inspecting the unit or watching the tenant closely.

@Wendy Peterson, Well, you know that if the seller did a 1031 to purchase the property they are selling to you that there is probably a substantial amount of gain and tax to be paid if they don't take steps.Seller financing will trigger the gain and tax. 

I have a listing right now where the investors intend on investing into their family (work for the primary residence and for baby #2 that is on the way).It is a personal choice but you should have a plan in place first before pulling a trigger.

I know I had a pre-existing relationship with these folks, however, the important underlying lesson is that forming and maintaining trustworthy relationships is extremely important.

Extreme newbie here.

He's extremely helpful and is happy to spend the time explaining and answering all your questions.

I get extremely irritated.Mostly because of their approach.That  STOOPID crap line with "hey I am an investor and often I come across a property that doesn't really work for us" BULLcrap.

Hi, I'm an agent and investor in Westchester I've worked with Doug Smith with Prilolet Law in White Plains on a few deals and have been extremely happy with his willingness to communicate, work together, authenticity and fees. 

Yonkers, Tuckahoe, Bronxville all look to be extremely expensive and the further north you go, the cheaper it is.