I could also easily find old relationships to leverage in the RE community there.Cons- A Higher rate of vacancy and across the country from me now.Market 2Pros- A larger city with colleges, growing RE market, and fairly stable economyMy wife is from here so she would know the location, crime, etc.

Chris Mason definitely agree!

So now I'm calling all the QuickenLoans and Loan Depot's of country and no one will touch it because: A) Its not my primary residence B) I haven't owned it for a year C) The private lender isn't reporting the monthly payments to a credit bureau so I don't have a verifiable proof of payment D) Been doing AirBnB, so no lease (if I wanted to get 2nd home or rental property financing)Solutions I'm aware of: 1) Most loan officers have suggested I call a local credit union, which I have done> The credit unions are concerned because it's not my primary and I don't have  lease in place with proof of payments via bank statements.

I kinda agree with @Larry T. there is presently a storefront vacant building right at the corner of where i leave, the store is rented out but the apartment is vacant and it has been like that for at least 2yrs.You also need to be wary of the location, correct me if i am wrong but buildings were there are apartments and stores are technically in D, E locations which could have a lot of issues. this is based on my drive and stay in Rochester NY.Your located in NYC, i think you could take a day or weekend off to come down here and check the neighborhood out.

This is an $850k equine facility, the owner and I agree that offering terms will open it up to a lot of people getting started in the business- just want to have some idea of what he can/should offer, and things to watch out for!

Seemed to me that there may be legal issues with doing this, not to mention it just seems very unethical, and outrageous that someone would be willing to agree to a deal like that anyways on a $20-30k house.Any ideas on that strategy or how that would work?

@Alec McCullough I agree.

I agree, market crash predictions are useless.

@Sandra StrongI agree with @Jaysen Medhurst and @Andrew SyriosThe numbers do not support a successful BRRRR deal.  

Amazing how some decent 4plexes in some parts of the country can go for $120,000 after rehab and repair, and others go for 10x that amount.