If it’s in a great part of town, these generally tend to not be the best from a cash flow perspective. 

First I would call the town and ask for the STR requirements.

Appreciate the response.No, sadly I live in a small town 45 minutes from Allentown where multi-units come up every other month or so, and go quick.

Probably wiser to deploy just a bit more ($1.2 mm - $1.3 mm) and try and get a 3 or 4 unit property via FHA.Jersey City is very hot right now and certainly worth exploring, but have you also considered Brooklyn, Queens or the Bronx? 

.• How to think creatively about building wealth.Once at the property, the kids explored, asked questions, and saw firsthand how opportunities are created through smart investing.Involving children in real estate teaches them:• Financial literacy in a hands-on way.• Entrepreneurial thinking and problem-solving skills.• The confidence to believe they can achieve financial independence.It’s amazing how small moments like these can inspire the next generation to think bigger and dream bolder.How are you involving your family in your real estate journey?

Always formalize the agreement in writing to define costs, profits, and contingencies clearly.Let me know if you need help structuring the deal or exploring funding options.Best,Drago

They love having the short-term rental properties since that gives them a spot to stay while they're in town! 

My wife and I own a beautiful historic home in a small, charming town in Northern Virginia.

Congrats on exploring a seller finance deal—exciting step!

Also, exploring books or courses on commercial real estate investing might give you a solid start.