Plus because the seller still has a mortgage, so you wouldn't be able to transfer title to you without possibly triggering the due on sale clause. 

You have to pull trigger and you should not wait for the perfect moment/plan/idea to act.

It's extremely hard to calculate capex for the well and septics.. plus having such a small park just to support it.

I'm sorry my comments trigger you... this is Real Estate - this is not an everyone gets a trophy business like your 2nd grade soccer team. 

I am an avid listener of the BP podcast and I agree, the episodes are extremely beneficial and answered many of my questions.

. $3m project for 2 years just a random shot in the dark a couple of thousands while you're getting your entitlements and $10k for builders risk while it's under construction.Speak w/ your lenders before you pull any triggers... it's not just a remodel.

The advantage of this is the extremely low down payment needed for owner occupancy.

I know that they are extremely short on affordable housing, so if I were still there, that would be my target market.

I am aware that there will be a 15-20% flipping tax that will be passed in NY which would make it extremely difficult to have any sort of margins on the outsell.

Alot of real estate investors only see the statistics which only the northern part of the city is accounting for :) The northern part is the portion that is causing those particular statistics while the south county/south city is doing extremely well.