They help farmworkers and other poor people.She told me they just built a 12 unit, bought an acre for 500K and the entire cost is $188,000 per unit!

The rationale being that trust is built quicker through transparency and freedom than tight lipped negotiations and restrictive contracts.

The main reason I don't like them is their age, the five plex was built in 1925.

Well repairs are not going to cost you too much, if that is all the items you listed.

Check with your building regs department and see if it is available to build on, some or most or all of it could be limited as green space, water retention, flood plain or other issues as it is built up all around the subject property.If it is available, you said it could be obtained cheaply, how would you know that....is it listed?

I got it built for $5 then had it tweaked every now and then for additional "gigs."

While you may not have to pay taxes currently, you will also have a reduced depreciable basis in the new property(s) so when you go to sell any of them they will have a built-in gain.

I was consequently laid off, but have fortunately built up enough rental properties to provide adequate income to live on (live on), not yet thrive.

., roofs and boilers and other big items), vacancy, legal costs, CPA costs (you'll have to file taxes in the US and in NY.)What's rental demand like in that area?

If it's a bigger job ask for an itemized estimate, and have a penalty for not completing on time except for weather conditions.