Just looking to learn as much as possible about the local area and what areas to avoid. 

The point being that during the inspection, make sure you review the condition and lifetime of all aspects of the property including; roof, mechanicals, windows, condition of units etc and have a plan.

That said, I try and avoid ceiling fans, garbage disposals and appliances more generally to minimize those sort of calls.

It may be a great opinion but it always a risk, just like owning property.Trust your gut, avoid analysis paralysis, and if the numbers work...I say go for it!

And last...avoid small coops as things can get very emotional...p.s - There are few coops which allow subletting from day 1 but they really hard to find...Came across some a while back in the UES and Inwood.Hope that help.

I'm sure it CAN be done, but we have very little success with that aspect.  

It's really a two part rule.If you want to avoid all tax you must1.

Any common mistakes I could avoid would be greatly appreciated!

The first pillar is avoiding unnecessary and risky activities (don't drink and drive, insurance generally won’t cover your poor decisions) and take good care of your investments - these simple steps will help you prevent lawsuits before they even occur.

Until you know what you're doing TK is safer, providing you avoid the cowboys of course.