Hello,I am looking at a mixed use property on Long Island (first floor retail plus 4 residential above) and would like to know when the most appropriate time is to ask for things like audited financial statements, tenant ledgers and/or anything I else I should be asking for? 

I feel reducing debt is a safe bet.Thanks,TroyWhich property will be easier to sell for a good price on short notice?

There are some guidelines in place that limit the total exposure to 80% LTV which is good.

I haven't done so yet, but it's a good card to keep up your sleeve for when you are ready. 

I have family in Westchester, northern NJ and Long Island.

And should I follow the 1% rule to see if homes are even worth it( only because house prices are very high)Hey Nicholas, I would say the 1% is great, but at the same time, you also want to find a decent deal in a good area.

@Ivana Ivanovic I would say 8% is low to cover both vacancy AND repairs.If you expect to incur just one month of rent lost every 12 months, you'd be looking at an 8.33% (1/12 of gross annual income) vacancy rate.And, even for a brand-new build, you're going to have some repair/maintenance costs as long as you've got human tenants.

If you know of a good area to look or any good builders in the area that would be great.

While it’s good to help others, you must protect your business first.Today, we’ve refined our processes and now consistently earn an average of $35,000 per wholesale deal with minimal stress and mistakes.

After scouring the market, I was able to get large builder financing and discount incentives that allowed me to buy the property at below retail price and get good financing terms.