If you are in the business of renting parking spaces and a tenant does not pay their rent, you can have them booted or towed.  

As Account Closed pointed out, you should have had an actual Approval Letter first, which details the price, costs to be paid by both parties and a Net to the bank.  

But I have two kids and a horrible commute living in NY so I don't have a lot of time for outside real estate investing.  

I have heeded the advise to consult a CPA and a second tax adviser.  

I think it's the same as the rest you make the money when you buy, and as long as the deal is good with as many exits as you can have, you will do fine.

Would like a cash out refi which in this case I see pulling my down payment and a little extra out of the deal. 

Flipping is faster and can generate higher returns, but it is an active process and a job.

Otherwise grab the tape, camera and a partner n hop to it!

As such I can pull comparables from our local MLS on local investments and as a member of National Association of Realtors I have access to their RPR product that pulls comps for me nationwide.

I would really love to relocate permantley and just flip houses but I am to committed here with a job and a side business already  (maybe in a few years).Thanks in advance