Not maintaining a property or charging below market rents will reduce the value of a income property.The reality is that all property income is only a guestimate.

Call at least 3 Title Companies and ask them the following questions below. 

However, ideally you'd be finding a great deal that is much lower below market value. 

Chances of it happening might be lower, but piece of mind in your operations can be a fine line between success and failure.Don't forget you'll have closing costs, marketing costs, repairs, etc., off the bat.

If you are buying at market price or below you should do fine as you'll have little issues when it comes time to exit.

Also, this property is on the east side of street (NYC views, or potential NYC views)Current sale price would be in low-mid $2M -- Renovated, pending degree of renovation, it would be low to high $3M.Thanks!

For your IRA to lend him money at well below market rates would not be in the best interest of your retirement plan, and should be avoided.

I commonly changed the filters when tenants moved but I've had a few who appear not to cook much. 

My wife was ok with getting a property, as long as the tenant did not live above, below or to the side of us.

A few other factors: I believe the rents are below market value.