My fear with the older neighborhoods is that even if you buy a totally rehabbed house, which could have lower capex, will the area remain in favor with tenants, or will it start declining, etc.?

I got my Ashburn house through the Homepath program with Fannie Mae which also favors owner occupancy.

If so, I'm going to advise this new math grad to stay away from finance since he tends to not like probability and statistics, he tends to favor numerical analysis and computer science more.Also what I'm getting from your post is that math in finance pretty much requires a PhD since the basic analytical tools required involve concepts beyond most math BA's, is that fairly accurate?

Unit mix varies by neighborhood, but generally NYC favors 1 BR - most projects I've seen are about 60% 1 BR, 30% 2 BR and 10% studio/3BR.

They already have deposits with TD in Canada so they can get a loan easier with favorable terms.A 1 million property or less will have a low number of units so a full time PM and a repair person is not likely.

Well the home I purchased from family was a one-time thing, I was actually doing them a favor as they needed cash.

I would tell her she needs to agree to pay a lease termination fee equal to one months rent of $1100 and you are doing her a favor as she is technically liable for the entire value of the lease.

And no one wants to feel taken advantage of.If my thinking is all wrong, you would being me a huge favor by hitting me over the head with a big inflatable hammer that squeaks.

The terms probably won't be as favorable as if you have 5+ rehabs under your belt though.

Negotiate with the seller to obtain the most favorable sale and note terms for you.