There is around 500k equity in the property. 150k-200k would get the property fully rented at top dollar with desirable tenants. 100k would get it to where I can rent all the units back out at fair reasonable market rents.

@Eric Greenberg yes, I own a property at 9th and Diamond.

I did look to see that in Jersey City people must apply online rather than in person, and there is a page with “What I can do with my residential property?”  

If I were in your shoes, I’d focus on house hacking in Phoenix by exploring multi-family properties or using the BRRRR strategy with undervalued single-family homes.

@Daniel GrantzRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Where is the property located.assuming the seller added the ADU and did not disclose the ADU in disclosure forms, you may have recourse (depending on the rules of your jurisdiction) but it may cost you some legal fees. 

It's a free country, you can run your business how you see fit:)That doesn't really work for self-managing property owners or what investors want from the PMCs they hire.So, yes we find solid contractors at Home Depots on Saturday mornings.When's the last time you've been at a Home Depot during that time period?

Building a strong team (agent, contractor, lender, property manager) is key—seek referrals from experienced investors.

We are working with our property manager getting everything ready to go- we are just a few weeks out from going live (fingers crossed).

Some people may go higher end, but naturally it depends on the property and neighborhood.