from the commute perspective, journal square has Path train and bus station, at the similar price point. obviously I have been wrong as JC heights price has gone up so much.

My vision for the future for myself and my family is one in which I continue to do journalism part time while at the same time investing in some way in real estate with the ultimate goal of having the real estate be a substantial portion of my income (again, journalism doesn't pay that well) so that I don't have to rely solely on the journalism to feed my family. 

We're interested in Journal Sq, The Heights, and Bergen Lafayette/Communipaw area. 

My wife and I just bought a duplex to House Hack in Journal Square and it was a bit pricey and a LOT of work but we're happy. 

What is the going cap rate in Jersey City heights area and Journal square?

Understand the path of progress via job growth (look at 5 year trends), business development (through biz journals, chamber of commerce, etc), know if market is owner friendly versus tenant friendly, and talk to property managers in the sub-market to understand rentability (is a PM confident in their ability to rent out a unit and quickly).

We are in the Journal Square area.

This extract from the Canadian Tax Journal is becoming a little long in the tooth, but generally still holds ... when in doubt, ask your accountant.

When done do a Journal Entry to the COG (Cost of Goods) sold AccountDon't forget to setup these "flips" as a class as well and link the expenses to that property in order to run a P&L by Class Report. 

Then in QB, receive the tenant's full payment, deposit to that account, then make a journal entry debiting the pm expense account the fee taken and your real bank account the amount deposited by them, and credit the escrow account for the sum of the 2.