Most likely they will provide you with walls and concrete floors and you will have to finish the rest (bathrooms, interior unit walls, flooring, lighting, etc).

I'd worry that you'd have liability if something bad happened (like a fire or serious injury), and it came to light that the accommodation was not legal.

While there is a reliance on 'welfare' or entitlement still exists (to a large degree), I wouldn't discount the area as a whole as it seemingly has done better than the 'hot' markets during the downturn...I do understand Syracuse (and Buffalo) aren't doing as well as Rochester overall but I think even Syracuse has ranked high on the rent to returns chart, probably due to the welfare nature as well. 

Naturally, you would have to talk to the seller to find out how far behind in payments they are. 

Don't do it don't do it don't do it.Redoing the floors and getting a modern lighting fixture in there should be enough to make it quite attractive as a rental.

That said, I just want the lights on when folks step on to the field for the first time.

Hello fellow investors,Can someone shed some light on this topic?

Also there is a light pole over the parking area that the electric is paid for by the owner.Owners are out of state and seem motivated.Over all the neighborhood is nicer, but right next door there is another 4-plex (studio apartments) that is in very rough shape (sold 2 years ago for $45,000).I'm estimating expenses as:8% vacancy8% Maint & Repairs10% Property Mgmt (though I'll do this myself)$950 yearly taxes$613 insurance (I'm estimating that using this calculation = Purchase Price / 1000 * 3.5), but the result seems a little low to me, can't remember where I found that formula, perhaps here on BP?

lolSome creative no bank no credit ideas...Low equity deals are: sub2 lease option assignments wrapsMid equity deals are possiblysub2 and a note (pro buyer note)lease purchase and equity split (some of the profit from the back end goes to the seller)Light rehabsJV with the home seller, dont buy it, bring in private money, supervise the rehab, get a JV fee, seller makes more than the the traditional "we buy houses 65% or ARV less costs"

. • Seminars and blog answers (like the one I am writing) are general in nature and may not apply to a specific local because each local is unique when it comes to investing.