This does not necessarily mean they will not sell, but if it is in BK it would need to be approved by the trustee, and depending on the type of BK they filed and the size of the unsecured creditors the trustee would only allow it to sell to the public to get the best price because - they have to make sure they get what they can for unsecured creditors AND the trustee is paid based on what is sells for, so they will want it to sell for more.

Generally, you can deduct travel expenses directly related to your rental property business.

Quote from @Jay Hinrichs: but I wont totally quit I have too much expensive wine :).I'll be right over :-)

We are looking to have off street parking available at all of our units but a couple of them will require adding a parking pad and will be a significant expense, so I was curious to see how important that will be to guests.

This type of financing will typically look very different and more like a traditional commercial real estate loan.That means a DSCR calculated based on a full NOI and expense load (so inclusive of vacancy loss estimates, credit loss estimates, repairs and maintenance, utilities, management fees and more – in addition to the property taxes and insurance expense that are the only expenses factored in on traditional residential style DSCR loan financing).Additionally, the DSCR minimums are generally going to be higher (typically up to 1.25x), the loan to value ratios lower (higher down payments) and underwrite more sophisticated (which makes sense considering the size and scope of the property).Many multifamily investors for properties of this size (such as more than 11 units) can syndicate capital and have more sophisticated financial and entity structures – its definitely a different world once you get up here in unit count.In Conclusion – when you are looking to invest in multifamily real estate and finance your investment – make sure you have the unit count in mind before you start shopping – the unit range can have a huge effect on your options.

I know things are expensive in NYC, so thinking about investing out of state could be the way to go.

It is also advisable to set aside reserves to handle mortgage payments and expenses for both units.It's important to think about the demand for units to ensure a steady rental income.

And if they have to get a new loan that can be time consuming and Boom.. the original seller gets their credit trashed waiting for the loan to get paid off ..

How much would you suggest having in the bank after the deal goes through and I have paid the down payment and closing costs?

Had I followed his lead we would've paid asking price.