@Pete Tam - I'm not sure what your goals and objectives are, but I can tell you that you will not likely find any type of cash flowing rental property near you (bar area).I was in a similar position as you when I first started buying rentals.

One of the major objections I have heard from seasoned investors in my area (Baltimore, in particular) is that these 30K low-end properties leave you with limited exit options.I'd like to hear from the seasoned investors out there what they use for exit strategies when they buy one of these properties.

I told him he is better off buying a rental property or opening a SEP IRA for the deduction since the big truck he was looking at was $45,000.It's crazy how some people justify spending $45k on a shiny object and think it's an investment when it's an expense.

I'm 6'5", 275lbs, and I cannot lift it. anyway, its where I kept my silver and other sentimental objects.  

Glad to have the objective opinions as it wasn't something I had noticed before.

Scott, everyone makes a living, I'm not objecting to your niche.

I would propose that you consult, with the right professionals, to learn and understand what would work best given your personal situation, your Investment Objectives, and the nuances of New York.

But the real question is what is your goal and objective with this deal?

Landlord will NOT pay to repair the following items unless caused by Landlord’s negligence: conditions caused by Tenant, an Occupant, or any guest or invitee of Tenant; damage to doors, windows, and screens; damage from windows or doors left open; damage from wastewater stoppages caused by foreign or improper objects in lines that exclusively serve the Property; items that are cosmetic in nature with no impact on the functionality or use of the item; and Landlord or, if applicable, the property manager, at.

On a pace to acquire two buy/hold properties per year in a tight market.Secondary objective is to teach my college-age kids to start REI while they're still young enough to house hack.