Based on your numbers, and assuming you have a credit score high enough and have never filed for BK, you shouldn't have an issue getting approved for an HML to buy/rehab the property that I would estimate at about $370k-$375k (which includes 100% of the rehab costs).

Rates are usually in the high 8s or low 9s, and you are likely going to pay 3-4 points for these loans. 

We did get much lower costs when we changed to minisplits but the initial cost is high.

And when talking to a buy you say "ha, ha, ha, look at the deal we got, we got that person to give us all this $ from there cashflow"The whole thing wreaks to high hell. 

Simple touches like fresh paint, landscaping, and clean walkways can make a big difference.Highlight Key Features: During the appraisal, point out any high-quality materials or unique features you've added.

Funny story is my ex wife's mother went to grammar and high school with OJ.

It really doesn't apply as much anymore in most markets because rates are too high and homes are selling for too much. .75% rule is more viable and would be the new 1% rule in this market.

In New Jersey, there are numerous brokerages to chose from, and I highly suggest you do a google search and look into 100% virtual real estate brokerages in New Jersey. 

I'm an experienced project manager with hundreds of cradle-to-grave efforts under my belt, including building project scopes and budgets, evaluating contract proposals, and managing construction to maintain the delivery of high quality products on-time and in budget.Penny is a licensed clinical social worker (LCSW), serving the community mental health needs of parents, children and families.We both recognize we have an immense opportunity to serve our community and want to capitalize on the blessings we have been provided so that we can continue serving our neighbors.My wife, Penny, and I are looking to transition into commercial multi-family real estate in 2025.

If you are in a state where eviction cost is high and it is tenant friendly you may need a higher credit score to offset default risk and eviction cost.If you are in a landlord friendly state where it is easier to get non paying tenants out you may be able to handle more none payment risk.