Real estate property that is purchased with the sole intent of using it to gain financially is called an investment property. The types of property that people invest the most are single or multi family units, including duplexes, condominiums and apartment buildings; it can also be unimproved land.
Investment properties is a good business, especially in NY. Investment properties investors should understand that the benefits derived from investment properties are often offset by the challenges, such as property management difficulties (dead-beat tenants, evictions, high turnover or high vacancy rates).