I had studios,, I put in Great lease terms,, I did month to month,, with a term that if they stayed less than 6 months a $300.00 fee would be charged against the security  deposit for redecorating fee, rent rate gauranteed to stay the same for 12 months,,.. most tenants sayed 2 to 3 years at a time

Then you get some of the 25% that was withheld back.It is also possible to file an NR6 undertaking on or before the first day of each tax year, you basically estimate your deductions for the year to reduce the monthly tax withholding from 25% down to some lower number. 

@Cabrin Mills I think the first step that I'd undertake (in your shoes) is asking what they actually rent for today.  

Occupancy is limited to 1 person.I really think 3 times the rent is high,, 2.5 might be better range for studio.Put down great lease terms,, go month to month,, with a security deposit equal to 1 months rent and if they stay there less than 6 months you keep a 250.00 redecorating fee, and put that in term of lease.  

Both the event and the book have been massive undertakings and were very much 2016/2017’s goals for me.

I'm looking to connect with a local architect to discuss a deal that I'm about to undertake renovations on in the Bayonne, NJ area.

I would have to Refi to get the cash to make such an undertaking happen whereas, in number 1, I already have the cash to renovate.  

Hi Noor,This can be a very lucrative undertaking, but it may not be worth the stress and risk that you're almost certain to face. 

The financial undertaking would be very challenging with no guarantees that you could capture this level of bookings.  

@Marc Bernal, as others noted, syndication may be challenging, but not all syndications need to be monstrous undertakings.