Newer appliances, free nice laundry, 2nd floor, yard space, storage, clean bathroom, included heat, installed window A/C.Appraisal suggested the unit was worth 2,300 a month, which I felt was a bit high, so I listed it for $2,150 with no move in fee and a 2k deposit.

Any suggestions for local experts in jersey city? 

Here are a few suggestions on how you can maximize the wealth of information available: Check out the blogs and podcasts, or take advantage of the search feature (magnifying glass).

He has suggested an 8-unit building.10,000 sq/ft @ $215 sq/ft = around $2.15MEach unit will be worth around $268,750The current plot of land is currently zoned for a duplex without further approval from the city/community, but the zoning on the land can allow for up to 8 units by applying for a Special Use Permit through the city.

However, what I would suggest based on your expertise as a contractor is going into a semi-fixer upper and make minor repairs to boost equity as well as savings. 

Please suggest if you think any other budget friendly ideas.

However, their terms involve a 20-year amortization, a 5-year ARM, and a rate of prime + 0.5% thereafter.I’m exploring other options for financing and would appreciate any suggestions or advice.

You may come across pushback with having co-gendered units so as you grow I would suggest leaving room to have unit(s) that are male and female only for those who are more comfortable with living with others from the same gender. 

Other Suggestions: Are there alternative strategies I haven’t thought of that would allow us to move legally and responsibly under the current circumstances?

You should have ran this question as Anderson Business Advisors was suggesting this set-up.The set-up is also difficult to understand that you likely have to engage your attorney everyyear with questions that you have where they would be billing you.I like the slogan regarding keeping it simple.