Investing in Out-of-State Properties: Given the high property prices in Manhattan, I'm also exploring opportunities in other states. 

Self-managing a rental property can lead to a variety of issues for inexperienced landlords, especially if they reside in a different state then the rental property.

While I'm new to the States, I'm not new to Real Estate Investment (REI).

The condo-ing did require condo docs compliant with state laws, containing all the cluses required by law. 

If it still resembles a mobile home, then you would unlikely get that appreciation from the market.I am not certain about the disclosure aspect of the property, that probably varies state to state.

If it dont work its going to be  a huge mess as you stated very clearly.

I recently saw a post from Anthony Walker asking experienced real estate professionals and those newer to the business about gaining a competitive advantage and it got me thinking about what competitive advantages a real estate private equity firm can attain in their business.

Someone with one newer aged rental, who has a rather high income, such as a surgeon who lives alone comfortably with a lot of disposable income, could possibly carry less than a Mr and Mrs just starting out, with one rental that they bought as a turnkey in a more downtrodden neighborhood in a different state.

I had two properties in Canada that were sold recently and looking in different markets in the United States to invest.

They are specific to Texas, but an attorney could modify them for your state.