So, it would seem to me you have a tough decision on what to invest in and where to do it.

Yes I told the sellers that I am offering them cash, but they were not motivated sellers so it was a tough deal.Thank you for your support!

I rent by bases (in WF) and I purchased a move in ready rental and because it was vacant- I set up a tenant before it even closed.Only thing that has me a little worried is the garage converted to a bedroom...with all the hail storms in Texas- no garage is tough on resale.I also think thats a good price range to be renting in by base because you will get higher ranking individuals to rent who are typically better tenants (gained marturity over time).

Account Closed although my experience is limited I have heard that NYC is a tough market for Realtors but that's just what I've heard through the grapevine.  

I'm more familiar with the Southern California market, but I would imagine that getting a house to cash flow with 20% down is tough throughout the state.

Tough call.

Also they put in a new electrical service and had to lay the brick on one section in order to mount the new panel, so it would be tough to redo that spot or transition to a different siding material.As far as the two fireplaces I might consider eliminating one of them because I agree that the return on investment for both isn't there due to the high cost involved to finish a fireplace.

Good to think about work/life balance early on....One of my key early realizations echoes all three posts above: find a few good, reliable, affordable (all tough--especially affordable and available) contractors if you will be in it long term (and hope to have some work life balance).

WRT the negative cash flow, it's a tough decision!  

It takes courage to be honest about tough situations, and it takes your BEST thinking to emerge from them so be open to moving to a much more thriving situation like Jon said.