Unless you have enough cash on hand, most people opt for a mortgage to purchase a home. While there is nothing wrong with this, you must make sure all your ducks are in a row before your closing rolls around.
It sounds like a story straight out of the 80s: A New York City landlord does everything he can to strong-arm tenants in rent-controlled apartments out of his buildings so that he can void their leases and collect the much bigger income when he charges the new tenants the current market rate. Meanwhile, he defrauds the banks by lying and claiming that he's already receiving those sweet market-rate rental fees -- which convinces them to lend him millions.
Imagine this: You just moved into a new home and you want nothing more than to deal with that old fence that separates your yard from the neighbor.