Brandon Turner put a book out on this topic I think it was called the Complete guide to rentals or something like that and I think it describes his screening process. 

This too is another conversation of its ownHope this helped to describe a process to devolve value.

@John Park if the tenant describes feelings of dread, or if you want to be on the safe side you might call out the gas company to do a check. 

@Inemesit Crump I’m very familiar with gifts of equity and the situation you described seems ideal for it.

It is also possible to find properties at the amounts you are seeking depending on the specific area in South Jersey you are looking to invest.I have had clients find success using the strategy you describe. 

When it gets into rural properties and properties that don't quite fit like the one you describe, it's a bit tricky.

It used to be easier to describe what I did when I owned the restaurant.Hope that helpsGino

There's a wealth of articles that describe their poisonous gas emitting drawbacks.

Even with the better terms described above, self-managed (yuck), and 5% withholds each for CAPEX, maint, and vacancy, you're still negative cash flow (assuming a monthly rent of $995).

Unless they were all replaced very very recently, that means they'll require that you underground power lines, tear up and re-pour sidewalks, curbs, and gutters, potential overlay the street, and anything else bordering your property.I've never heard of a "condo conversion planner" but I suppose a good one has experience doing these things and can give you definitive answers.Disclosure: I've never done a condo *conversion*, but have gone through the subdivision and mapping process several times in the City - I don't have direct experience doing what you're describing, so caveat emptor.