The wealthy from places like China, Russia,  Ukraine or any of the crisis-gripped EU nations are seeking to store their capital in sound investments, and it appears to them that a New York condo fits the bill.

Open floor plans are great as well, it will benefit you because a unit will appear bigger then it actually is and your tenants will enjoy openess because it will create a pleasant environment for interacting within the unit. 

The property appears to need a little work, but it's in a great area and the last sale date on the property was 1983 so it seems there would definitely be some room there to make some money.  

HUD may point them in the direction of a loan modification or other alternative but, it appears from your writing that the only one that stands to benefit from them not short selling is you.

So your name should appear no where on the policy.With that being said, the name of the IRA does usually happen to include your name. 

If you are approaching them with the same intent, as it appears you did previously, what's wrong with that now?

The numbers around where I live may be super inflated which makes the calculator appear to make no sense...

It does appear that a title company or lawyer may be best to review the terms, but I am just looking for a better understanding for myself first. 

Taking off my investor shoes, and putting back on my retail buyer shoes...My wife and I spent 18months looking for a new home, which we finally purchased last July.And I have to say... 18months of looking at MLS pictures, most of which suck, is exhausting.

Because propery values have "appeared" to appreciate at a ridiculous rate over the last 10 years.