I don't really know how this transition works for month to month leases.

Plus, a lot of the non-gentrified neighborhoods are now places that are much further out, or lack good transit access, unlike Bed-Stuy, which is close-in, has good access, and has beautiful architecture that appeals to rich people.  

The only way I've learned to do that is by buying cheap in transitioning neighborhoods and self managing.

I’d suggest networking with those that are in the same field and have transitioned to being a REI, they most likely will have the same concerns you had.Lastly, ask your 401K Admin if you are allowed to roll VESTED dollars into a “Self Directed 401K”, you can google it and get a ton of FAQ.

While you are in the Purchase Contract Option period:you can work on getting the SRO/rooming house legal.start working with local non-profits in the city of Newburgh and Orange County who could help you with managing Transitional/Temporary homesnetwork with local government on any community development grants that they have to improve the area where the 3 building parcel is located.The benefit of going the Purchase Contract Option route is that:You get time to legalize the buildingLimit your credit risk if you can't get the property to be legal/permittedYou can improve a down trodden neighborhood in a big way which will further help with gentrification.Installing cameras outside of the building and working with local law enforcement can help with the drug dealers.You can also continue to look for good cash flowing deals that can be financed without having to the work similar to this one.

The lighting, color, transition between rooms, even the slowmo fans 👌🏼 Did you do that yourself?

I acquire these projects in D areas that are transitioning to A/B.

The NJ transit runs to this town from NYC as well. 

Some have the train and others have great access to the NJ transit bus lines.  

I experienced a lot of transition this year.