The process will offer peace of mind even if no major monetary pay off.

One partner will 'silent' and be bringing the down payments of aproxiamtely 20-25%, and the other partner (me) will be doing all of the aquisition, rehab management, finding tenants, ongoing PM, etc.....I am currently involved in 3 other partnerships that own buy-n-hold rentals, but all of them are 3 people, so '33-33-33'.

I have a bit of a background in finance, but I'm still in the process of spending some time educating myself on the foundations of having success in real estate investing. 

Is there any chance that a novice like me can win the auction, also looking for advice on the process

I  purchased another rental on that street a few weeks ago and I am in the process of getting it ready to rent.   

Do you involve an attorney in the process?

So for me, the process of finding the deal was definitely the most challenging part of my first deal.     

Fairly new to BP and have a question for those who may be familiar with converting a Legal 2 family (multi-family) home to a Legal 3 family home.Does anyone know what is the process for doing this conversion in NJ (Jersey City) to be specific?

Being able to make more money from the property and financial justification is typically not considered a hardship.Could you put the property under contract contingent on going to ZBA and getting the other units approved?

They were somewhat slow on process-4 weeks-but they had the best package.