So you will be making the payments on the underlying "first" position loan to protect your position?

The property requires about $15-$20k of exterior repair that the tenant is willing to do.This seems like one of those too good to be true deals.How do I protect myself here?

Consumer protection law.The biggest tenant problems I have had are with tenants I inherited with low security deposits.  

Although I'm not sure what I am protecting myself from.

hey guys, I wanted to see if someone who has been around the block  can offer some insight.I have been house hacking my rental for the past 4 years but have recently moved out and am legitimizing it working with a prop manager and such.one thing that has crossed my mind is when I switch my house insurance from owner occupied to rental, they will be performing an inspection and im a little bit anxious of my roof.My shingles and ply boards were changed not too long ago however the joists are warped due to the house being a 1920s.

What are the risks of not using a lawyer and relying on title insurance for protection for a deal of this type?

Would it be better to switch to an s-corp and take out a salary and be paid as an employee?  

Don't know about NY but here in Texas the Consumer Protection Division of the Attorney General's office handles tenant complaints.

Secondly, if ensuring my contractors have WC doesn't protect me against having to pay for the contractor's injuries, how do I protect myself?

Past that you are at the mercy of the seller taking your E/M and walking...most wont because its a PIA to remarket and sell, the agent will be pushing to get it closed for the commission, but if you have a real deal and someone comes along with cash you could end up getting shafted.If your seller will play ball you can do things like L/O it for 30 days or something to get utitlities switched and tenants in.