(Fortunately, we were insured)Emergency Fund: Always have extra cash for unexpected events.Tenant Support: Keep good communication and support your tenants through tough times.Final ThoughtsThis July 4th was a disaster, but it’s also a stark reminder of the unpredictable nature of real estate investing.

This is dependent on the city's long-term economic growth.Natural disaster risk: Certain locations are more prone to natural disasters, such as hurricanes, tornadoes, earthquakes, fires, and floods.

I understand the capital region, the Adirondack region, and Western New York (Rochester and Buffalo) have their strengths and weaknesses, but I'm going to focus on this central part of the state.Binghamton is my favorite investment market for a few reasons, but it's not for everyone.STRENGTHS-  low prices-  blue collar overall, meaning lots of resources for contractors-  growing university, consistently growing rents-  I expect to see an actual 10% cap rate here, higher if the property needs work-  compared to downstate, permitting, evictions, etc. are simple and quick-  no code compliance inspections required on existing multifamiliesWEAKNESSES-  no. natural. appreciation.

Natural disasters, higher construction costs, and a competitive insurance market are driving these increases.Review your current policy to ensure you’re properly covered without overpaying for unnecessary coverages.

This completely changes the nature of the property rights.

For years the most common treatments were to have the LLC do the exchange (a non-starter for you unless you were able to buy out their interests in the LLC apart from the sale of the real estate). 

@Ian Tyndall there is no such thing as “STR REPS Status” to be clear.https://www.biggerpockets.com/forums/530/topics/1056436-clearing-up-confusion-on-tax-treatment-of-short-term-rentals

Naturally if you have more mortgages in your name that will affect your DTI (debt to income ratio) and ability to obtain more loans/mortgages in the future.

If I die of natural causes...even spouse can't use it. 

I also really like that this is a U-shaped window unit which wraps over the window sill, meaning that you get to keep nearly all of your window's view and natural light, as well as it being theoretically harder for someone to break into the apartment by kicking in/pulling out the AC unit (ours is on the second floor, but the safety concerns for first floor units is definitely a consideration you'll want to factor in).Heating.