If I were you keeping the property as 4 units and renting out bonus unit under the radar may be your best option especially if you plan to refi or do HELOC while occupying. 

Plus, with $4200+ in monthly income and the option for overtime, you’re in a strong position to manage this responsibly.

Others are responsible with their budget and can stretch a dollar.If they are excellent renters, I would offer them the option to renew and let them make the choice.

Hard money was the best option for this property, given the condition and timeline to close.

Hard money was the best option for this property, given the condition and timeline to close.

The purpose of investing in a syndication is to leverage the sponsor's time, expertise and ability to source great deals, but if the experience is going to cause you to lose sleep at night, the return may not be worth it.

I would imagine most misrepresent their sources and uses when they apply for their financing.

Yes many easy commuting options to NYC such as the lightrail, path train, ferry and bust.

Fannie May is a good option for a lower downpayment.

This purchase will be up ~1m over purchase price after this rehab is done (3 sources: 1) purchase below value (or value add from addressing the rent issues - depends on your perspective) 2) value add from 4 class b+ unit rehabs 3) natural appreciation).