#2 is so important and looking back on the steps I've taken while learning the ins and outs, networking has been crucial.

If your market is so bad that its hard to cash flow I would try out of state.Either way you want to go it sounds like you are extremely responsible with your finances, and you probably couldn't go wrong either way.Good luck, -Matt

NYC is so expensive that even just to do a flip, it takes a lot of money to purchase a crap house, never mind the rehab portion on top of that.

When you consider the marginal cost of maxing out insurance is so small, I'm frankly surprised more people don't do it.

A mortgage broker may be able to shed some more light on this better than I can, but I’m assuming you have a fixed rate mortgage on the rental property since the fee is so high.In order to guarantee the fixed rate and prevent people from breaking and reapplying when rates go lower, fixed mortgages have a much more substantial penalty for breaking them.  

What you have obtained is a "Tax Lien Certificate" with a yearly interest rate that accumulates monthly, and it could be redeemed at any time by the owner via paying the County the amount of taxes owned + interest accrued during those months. if it is so then the county will pay you back your principal ($2800+ interest accrued)If after a Redemption period of one year, you have no received your investment back, then you contact the tax collector office to let them know that you want to apply for the deed of the property that you are holding the tax lien certificate.After application is completed, the Tax collector Office sends the application to the Clerck office for review and to schedule a Tax Deed Auction. 

It is so impressive that you are seeking advice at such a young age and knowing about passive income.

I would think that a buying agent would still want the 2% vs. 0% if there is a unique property that fits their buyer's criteria.Maybe now is the time to push down the BAC since inventory is so low.It just got me curious since I've only seen the selling agent commission go down in the past decade and not so much the buying agent.   

Greeting Everyone,  I just wanted to make a formal introduction; I've explored the ins and outs of the real estate realm and there is so much more to learn as things continuing to change. 

I am small so don't worry about management fees but the market is so hot where I am that management fees would likely eliminate a lot of properties due to poor cash flow.