I've also had one potential tenant tell me that "an income requirement of 3x the monthly rent basically disqualifies single-income families".

All the "title company" is in any of these real estate transactions is a third part that obeys the legal, binding contract that the two parties have setup. 

How can I assess its potential and mitigate risks effectively, especially given its location?

Look into setting an S-corp to potentially reduce self-employment taxes and Section 199A qualified business income deduction

Consider factors like location, demand in the market, condition of the property, and potential rental income.

You may also meet someone  that could be a potential business partner. 

Hello BP community,I'm currently in the process of potentially purchasing a multifamily property, and the seller has indicated they're open to seller financing.

It's important to ensure compliance with local tax laws and regulations to avoid any potential issues.

NY is working towards capping permit fees at $1,000 to relieve the financial burden and encourage property owners to convert basement apartments legally.Two years ago, the city launched a pilot program to award 15 winners grant funding to support legal ADU conversions.

The sellers don’t want to return the earnest money, creating more problems.If anyone has experience with this, could you advise on legal options?