I visited the up-and-coming area by the beach (aka the 4-5 blocks) one night and loved it, and some properties west of the track are sufficiently close to the beach in my opinion.

@Shane Jeanfreau if you will be seating on built up equity that you created by repositioning the asset you MAY be able to refinance the property after 6 or 12 months to 70%-75% (or more depending on your lender and the property) of Appraised value.so if you added sufficient value you may be in a position to have no money in the deal.

Also if you have rental units you want to make sure that you have sufficient reserves should the need arise for a major repair. 

I still withhold sufficient reserves for the reasons I indicated.

If I were you, I would hold out for a good deal that provides sufficient funds to set aside AND some cash flow.

The rest is having sufficient reserves so you can weather a storm.How much reserves you need depends on how difficult it may be to lease the building or convert it into something else.

Is their a legal document I could use, by me having an legal company name as an LLC if I use a proof of letter being that I am an LLC would this be sufficient, until I locate a cash buyer so I won't loose the contract.

I got one last year with Pennfed, no closing costs and no appraisal since they do a desk appraisal and if it's sufficient they wont do a regular one. 

Simply waiting 30 days from purchase is not sufficient.

When rubber meets the road, these low-cost/low-rent properties only make sense if you're turning and burning them, or are adding them to an existing portfolio where you have sufficient reserves already.I've got a property I am looking at that rents @ ~1750 for 2 units, so taking 10% for CAPEX -- which is an estimate on my part, good, bad, or indifferent -- sets aside $2,100 per year just for CAPEX.