Hello Everyone,I've noticed that the forums for the NYC market are surprisingly sparse, but I'm assuming that's due to the level of difficulty associated with breaking into the market here.

Agreed Steve Pheterson is a fantastic RE Attorney and Lawrence and Associates are pretty good with rental insurance.  

If you use the Land Trust, your conversations with the lender should be along the lines of "Hello, my name is @Rich Hupper , and I have a Power of Attorney/3rd Party Authorization/Im the trustee for matters associated with Mr Seller's property at 123 Main st."

Find an associate and they tell me there are 4 in stock but they're on the top rack, which can only be accessed off hours with picking equipment so they don't crush a customer if they drop a pallet.Fine, I want two of these cabinet doors and I'll be back to get them tomorrow morning.

Scott, I think you are on track about the short term acquisition expenses and what you might think of as initial costs associated with occupancy stabilization of the property.

Check with the local apartment owners association.

Find a friendly realtor to send you a blank PDF copy from the local association in your area.

Find someone to bring to your potential flips that can give you a real hard rehab number.This association will help you with your exit statugy, it will help you think more clearly on the other less clear details.  

Cali but the  Sacramento Valley Rental Housing Association a branch of the California Apartments Association is a great resource for these things and also offers classes for both members and nonmembers. 

In both instances, the intrinsic value will be the same at the point in time the option is sold.As for the optionee petitioning to annul the option, the full fee - minus any legal costs associated with (de)registration and processing the release - would be refunded (we would not reduce the amount by the time value expended ... this was suggested by counsel for simplicity).