I'd imagine you'll end up targeting the Midwest as that is where the majority of folks in your situation end up investing.

Id imagine I could get a rate about 4.2%What all would you consider before doing this or not doing this? 

Prosecutor with over 6 years of experience here (including prosecuting a real estate-related fraud case):Setting aside whether or not this is a JUST law (and not to be a keyboard warrior), but I don't imagine the people saying the charges will never stick have ever put anyone in jail and/or defended anyone in a felony case. 

Actually it's pretty hard to imagine a building lot in RI that would have a basis of less than $45K starting basis. 

my closing cost on a $200k property that was not an investment was under $5k so i dont imagine it would be over 3x that for an investment. also i personally hate quicken loans and they tend to be more expensive every time ive tried them.

In the scenario you describe above, it is hard to imagine values dropping that dramatically in NYC anytime soon.

Not an attorney but I imagine if you have knowledge of the illegal activity you have an obligation to the neighborhood to stop it -- either by eviction or calling the police.Anyone can be sued by anyone for anything. 

(imagine a boisterous voice) You spent how much on that cup holder?!

I'm not sure how exactly that process works but I always imagined it works like a foreclosure where it goes on auction after a lien is placed on the property by the association, so it doesn't make much sense to me. 

Could you imagine if every driver that scraped their plastic wanted a new bumper because the owner of the property had barriers that were 6 inches instead of 5 or 4.