I am an engineer with Turner construction building high rise developments downtown.

Hi Jeffrey,Build up to about $25,000 cash in an FDIC account that you can access quickly as a first goal, then re-assess your situation.Make your goal to accumulate that cash as fast as possible to dull the effects of inflation on the initial dollars.Work more than one job and save 100% of your income if you can.Good Luck!

The blue line is the non-inflation adjusted $/SF.

And in some states they can only rise 2-4% per year from that new lowered basis.

After that, the rent for that unit will become $1600, not counting inflation or any rise in rent on any of the units, which will then make us $236.27.

I would have a talk with the lease holders and let them know what market rent is and find out about their financial situation (maybe they really aren't strapped and market rent wouldn't be an issue); In any event, I would raise the rent moving foward to keep up with inflation and additional costs and of course if your buyout necessitates that you bring in more money then you must raise the rent at least to where the deal makes financial sense for you regardless of the tenant's situation.

The amount of cash you can dedicate to real estate investing represents a big commitment for you but it could take you years to accumulate funds for a sufficient deposit and renovation costs, during which time you could be chasing continued rising housing  prices.

The mortgage would be at a locked price , however rent will naturally rise . 10 to 12 years from now we want to be out of the New York City area.

Factoring in a basic 2% inflation rate for the US, 10 years later, this property could rent for $3400-$3650.Waterfront South of Veterans Parkway: This would certainly be the easier of the two scenarios, but your buying options are still pretty limited at your lot price point.

Also, ask the HOA for a breakdown of repair costs.This wouldn't be the first time that an "outside contractor" was hired to do a job at an extremely inflated price.