If anyone has an end lender that has successfully closed a handful occupied padsplit loans and can underwrite based off actual padsplit rents I would really appreciate an intro.

How much cash is ideal to have on hand when starting out?

Provides first-hand recommendations of the renters historical renting behavior.

Newark is hands down one of the worst cities in America to invest in. 

Book recommendation #1: Hands Off Investor by @Brian Burke https://store.biggerpockets.com/products/the-hands-off-inves...Book recommendation #2: Lend to Live https://store.biggerpockets.com/products/lend-to-livePodcast Recommendation: PassivePockets podcast is focused on passive investing in syndications - https://passivepockets.com/podcast/Passive investing summit: PassivePockets Summit May 2-3rd in Columbus https://get.biggerpockets.com/passivepocketsevent/I make these recommendations specifically since you mentioned passive real estate investing, and syndications or hard money lending are really the two most passive ways to invest in real estate. 

You'll likely also reduce your cost of living by moving to a stabilized apartment.Depending on the cashflow and debt paydown, you can use this strategy until you've built enough equity to reinvest.On the other hand, getting into a multi-family after refinancing will also help you build substantial equity to rinse and repeat in the coming years.

You can wargame scenarios to decide what you think is best.On the other hand, that is a pretty sizeable rehab budget. 

We've been reading everything we can get our hands on, listening to podcasts, and spending time every morning reading and learning from the forums here at BP. 

Given statement of condition, I would think value-add is the opportunity at hand.

crazyDo these people just hand over the keys to their car also and hope it comes back ok?