The "catch" is simply that you have to renovate/restore them within 3 years. 

I found great deals in Oklahoma, Arkansas, Idaho, New York, and other states, but decided to invest locally.

It was pretty smooth since I bought directly from the seller.However, I work with a ton of house-hackers now as a Realtor in New York and I see that most of the barriers come from either financing or title. 

Located in New York.

But there is no conclusion as to whether the plumber did caused the water backup.So now we probably have to pay out of pockets to restore, fix the septic tank.

My apologizes -- my question was directed to @Dawn VuIn New York City, a commercial Landlord has the right to vacate the buildings office tenants if there is a demo clause outlined in the lease agreement and the Landlord decides to exercise this right. 

I'm single (not married) so my standard deduction is $12k, I have about $100k AGI and I live in New York (aka we pay tons of taxes on that income $34k to be exact which includes Federal, State, SS and Medicare).

I'm looking to buy a property located here in Rockland County, New York.

New York City has always had large earnest money deposit expectations, largely because the supply of properties is limited, demand high, prices high, and brokers very aggressive.  

I flip fire-damaged properties and own a fire damage restoration company.