And I buy the seller carry back notes for those that want to cash out.I agree with jack Bosch I saw him at a rich dad event and his stuff was very dated.Its not a complicated model you buy low sell for more..

However, we typically use the FHA-203k loan because it involves a renovation, which I highly recommend if you are looking to really boost your equity and have the cost of the renovation wrapped into your loan with a VERY LOW AMOUNT OUT OF POCKET.I like the FHA loan, but honestly, the Fannie May Home Style is an even better product at this point because you just have to bring a bit more cash to the table 5% vs. 3.5% (w/ FHA), but you have a bit more flexibility.  

I guess I was looking at this as a low-cost of entry type of property that could provide some cashflow.

Had an exceptional outcome.All in at $450,000 and the appraised value of the property is $875,000 on the low end.

You decided to invest in a property in a low income market.

We walked away from a new build last fall because we could already see issues and the sellers ended up getting us a pre-inspection report that said there were serious issues with drainage and foundation.

You need comparable sales BEFORE you spend $175 or the appraisal will come low to your expectations.

Given the high interest and the purchase price isn't low, the cash flow won't be as nice as my other rentals or other options in a different neighborhood. 

@Travis Smock A cost segregation study could benefit your 6-unit property by accelerating depreciation, even on a lower-value property like yours, especially with low land value.

It's very hard to win with low money down in Northern NJ.