Right after you close on an improved property get an insurance policy that will protect you if there is a loss on that property.Do not cut any corners to make something look better.  

My main goal is to become a buy & hold investor, to start accumulating properties slowly and surely (in a pace of 1-2 doors every 1-2 years) until I have enough passive income to live my life by my own standards.

However the math is simple… run an amortization calculator see what the taxes & Mort payment are, and then know what a flat in that area rents for, With that said here is 2 typical examples of Albany propertiesNew Scotland area 2 family’s run around 220k, 6k taxes, 1k insurance payment would be around 1570 a month, typical rentals would be around 1300Washington ave areas 2 family will run around 140, 3500 in taxes, 1k insurance would be about 1000 a month, with rentals being around 1000 a month.So you pretty much can break even in the not as good areas, grab a roommate or 2 and you’re really cash flowing.But don’t forget about the big savings of the low down payment and locked in low interest rate when you plan on exiting in 2-3 years

I think the agent simply took market rent, applied them to all units, and used one of the R&M rules to come up with his number2. property manager listed no rent income for 6 months straight and suddenly for the very last month on paper there was an income of about 2800 dollars. this made me doubt if the entire income and expense reporting was accurate3. owner did not provide tax or insurance numbers - the listing agent estimated them...I also heard from the selling agent that one of the bigger units will be vacant from next month, due to eviction of tenants from rent delinquencies The owner is out of state and seems clueless on the operations of this building.

We are about 75% done with rehab and have temporarily run out of funding due to life changes.

You'll find that cash flow is only the portion you collect after your mortgage and insurance is paid and any other debt services on your properties.

Hes willing to sell for extremely cheap and just wants the thing out of this life.

By having the insurance on the property add you as mortgagee.Follow these pointers and you have no worries.

I kept that license about 30 years.Right after you close get an insurance policy that will protect you if there is a loss.  

First of all, this would be an insurance nightmare should someone get injured on common area.