Tenant has apparently had issues with repairs in the home (unbeknownst to me, as I've authed every repair to come across from PM) and threatened rent escrow as a means to have repairs properly completed (unbeknownst to me, my belief was that they were completed and properly) then followed through a month later ..

I am looking to make connections in the NYC/NJ area and start making the proper moves to own my first building by end of year (probably looking to buy a duplex)!

Doing proper due diligence on even just a single deal takes time.

My advice would be to get the insurance, form a company and get the proper licensing from your local jurisdiction.

@Leon Lee it could be that they made an adjustment that they didn't have a line item for, or the comps were weak ie they were in a different neighborhood and your property was hard to value with proper comps but they had to do the best they could. 

Featuring Talavera tile, restored original Batchelder fireplace, and sweeping curved ceilings that harmoniously pair with the modern, open floor plan.

Featuring Talavera tile, restored original Batchelder fireplace, and sweeping curved ceilings that harmoniously pair with the modern, open floor plan.

changes the equation quite a bit.Also, you aren't figuring out your expenses properly. it is not as simple as saying "mortgage is x, rent is y, so cash flow is Y minus X." what happens when the place sits empty for a month?

If you have all the proper information to take him to small claims it is likely the best route for any chance of getting your money back.

Month-to-month agreements are typically better for the landlord since you can usually change the terms whenever you want with proper notice (often with as little as 30 days notice), increase the rent as much and as often as you want (again, often with as little as 30 days notice), and more easily sever ties with tenants who aren’t working out.