I'm looking to supplement my income by building a rental portfolio then eventually replace my income and retire early in 5-6 years.

I always convert the monthly return to an annual capitalization rate.

The owner would like to convert to condo, but apparently this is a very tricky and expensive thing to do in NYC with tenants in place.

An emotional seller can then study the facts and eventually will have to come to terms with the true value of their property.

Does anyone have any experience and/or some resources that pertain to converting an old school into livable space?  

I custom built my house and even after having an air tight contract, I had to fight with them (and give in a bit) to get a contract release so that I could convert my construction loan to a permanent loan.Would need to understand your situation and chronology to understand where you stand.Did you have a direct contract with each contractor?

So a realtor would really not be useful since it's highly unlikely that he/she would find a retail buyer that quickly, and your property would eventually fall out of contract. 

You may not make money now but it sounds like if you stick to it eventually you will have a property that either pays for itself or produce a positive cash flow for you. 

I look forward to learning from all of you, networking, and eventually helping others to achieve some of their goals.

I would like to make savy investments and over a long period of time eventually generate enough income to live off my investments (make at least 50-60k a year) with 300k capital and no current income.