Rookie just starting out in Northern NJ

[Daniel Monopoli]

Hello BP family! 

My name is Dan, and I'm looking to land my first deal here in the Northern NJ area (Passaic County). I've been an avid BP podcast listener and have immersed myself in as much real estate material as I possibly could have over the last year. A few months ago I hit the ground running in search of my first property. I am looking to house hack this first property - live in one unit, do what I can to fix it up while living in it, while the tenant resides in the other unit and helps pay the mortgage. Shortly thereafter, I'd like to move on to the next property and rent both units in the first.

While I could touch on the many different issues I've run into with each property I've found, I would like to touch on just one in particular because it seems to be a trend. Many of the properties in this area (within my budget) need a significant amount of work. Many, including the one I'm presently looking at, are in rough shape, but with some sweat equity, they could be turned around. However, in order to close I need the property to be move-in ready and need to obtain CO. If the property is not in good enough condition to get the CO, I can't move in. If I can't move in, the bank is obviously not going to give me the loan. How does one navigate this type of situation? 

I'm currently waiting to obtain some more information on what to do next, but I figured going to the BP forums for some insight would be a great start. (Currently set up for a 5% down conventional loan) Any help would be very much appreciated. Looking forward to being a part of this amazing community!  Thanks, all!