They should write and or review an LOI and do the math to justify or reject the property.

This can be very expensive and is usually the worst choice to make because you can't justify the cost.2.

@Wade LuhmanWhen an opportunity to buy an asset at enough of a discount to intrinsic value presents itself as to justify the risk of the increased debt. 

If it is a small portion of a much larger mixed use area, you could have a hard time having a planning department justify changing your small portion.

Does not make financial sense to justify that route.Best to do a 1031 [take some boot on some of it and pay those gains] and put into a 100% managed 1031 Fund. 

I'm just not sure a NY judge would agree that replacing the entire floor would be justified.

How does one justify putting 300k down to only make 2k-4k a month?

With the investment of new flooring, I thought it was justified.

It may be hard to justify that you need to spend 21 hours a week to self-manage 1 property.If you are not able to claim the full loss on your tax return - you do not lose the loss - it gets suspended and carried forward.

Fees should be clearly stated in writing, easy to understand, and justifiable.