A $2k deposit seems awfully low though.

@Parmer Cherry Section 8 (it's actually now called the Housing Choice Voucher Program) is just a program that subsidizes low-income tenants' rent. 

Shutters and some simple, low maintenance landscaping would certainly create some depth....just be mindful of any additional trimming/weeding when developing the landscape plan.Best of luck!

That is why you may have to do two closings and budget for both of them in an attempt to not let the seller that you are making a profit on what you are doing.In this economy Fix and Flip may be the best way to go including the borrowers that are willing to finance your repairs or rehab or to purchase multiple unit houses with a loan that the FHA will provide you with a low down payment but it is only made to an owner-occupant for regularly 12 months and you get to keep that same loan if you even when you choose to move away.Another thing to consider is to buy apartment complexes and take the advantage of positive clash flow and using a cap rate to increase your value on add-on properties and raising the rent. 

Im unsure of the NY laws as I'm in Missouri, but from my personal and professional experience a good property manager is worth their weight in gold.

I was looking at my long term plan the other day (which I drew up in 2013) and realized it is going to be an impossibility in the northern Virginia market because returns are so slim.I love Richmond and while I'm not crazy about long distance investing and property managers, I know there's a lot of potential in that market.Bottom line, I'm looking for stable, low vacancy SFH's in the $100-120k range, in up and coming areas, which rent for about 1%/month, and I plan on using a management company.

It never hurts to put in a low offer, and try...

I will have extra savings due to my low expenses and have been contemplating ways to invest it, and I always seem to come to the conclusion of real estate investing.

That said, you can expect this property to have problems like: no functioning HVAC, electrical problems, old water heaters, low rent, old appliances, worn carpet/torn linoleum, leaks, etc.Sometimes the rents are not able to be raised for that block, or you may not be able to justify raising them enough for a good return after repairs.  

Option # 2 May pay out as low as 25% of your claim cost.So on a $50k freezing pipe claim, option # 1 gives you $50k, option #2 gives you $12,500.Not sure a freezing pipe claim can he that high, but you get the idea.