@Burt L.I don't have any great ideas about how to avoid this in the future. 

From what I understand, the repair/renovation expenses gets added to the house basis price when I sell the place in the future.

If anyone wants to get together to discuss SB as a whole or wants me to run an analysIs for them, I have done tons of research on the market, valuations, rental rates, future projections, etc and I would be glad to do.

In today's market I can rent the unit for $2500, can the rents drop significantly in the future? 

@Kenneth LaVoie Thanks, one thing to note if you are comparing budgets mine is in Canadian currency.

At least a contractor, and property manager if you're using one, the lender is also very importantIf using hard money be very careful, and I recommend finding a traditional lender to refinance you out of the property in the future and make sure they are on board with what you are doing before you make an offer.

In NYC, most landlords require tenants to have annual earnings 40x the monthly rent, and they require guarantors to have annual income of 80x the monthly rent, because the assumption is they have their own housing costs in addition to the ones they are guaranteeing.Finally, look at doing deals in the future in areas that have a different tenant base. 

Hopefully no moves for the foreseeable future!  

The future of both properties is not sealed right now. may sell, may hold long term. 

Thank you, any advice I'll highly appreciate it because I'm honestly nervous and scared about my future here.