I'm considering purchasing a property in a city where the average household income is around $50k per year, and houses are selling for $250k to $300k. Most rents in the area are around $1500 - $2,000 per month. Howeve...

https://www.redfin.com/MA/Brookline/16-Garrison-Rd-02445/uni...
It's a basement unit. I bought it last year because I thought the price was pretty good considering it's located in Brookline and gives good cash flow. ...

What tips and precautions can you provide In order to succeed in this project? 

And whether they find all of these little issues or not, it will still result in thousands of professional fees and many hours of your time to deal with it.Then you need to look at the other side, if you are mis-stating your tax returns, you will also end up providing bogus numbers to banks (also not a good one to lie to), potential investors, potential buyers, impacting the value of your properties by over stating your expenses...Honesty is a great policy. 

Its a nice shopping center in demographics that will continue to use the space.Is $130k too high or what would you offer with the information provided.

: 43 dealsBaychester/Pelham Gardens: 39 dealsPelham Bay: 39 dealsProperty value growth per county/borough.

Quote from @Adam Czachor: If you're going to be an absentee landlord, I would start by looking for highly skilled property managers that can handle whatever you purchase.

However, in my market, realtors often ask for an offer before providing basic information like the age of the CAPEX items, including the roof. 

I highly recommend finding a financial broker, like Marcus Göhler, who packed my last deal.

You simply pick a name and create your articles of incorporation it will provide you with an EIN number go to your bank of choice and open up a business checking account.I live in Florida and have created multiple LLC's on that site in minutes.