Purchase price: $360,000 We bought this stacked duplex, lived in one unit for 2 years and moved on.

We bought a single family up here last year and converted a garage to an ADU, which rented out really quickly to a great young couple.

I manage around 400 rentals with 14 years of experience and have never been sued once.

I've partnered with several contractors over the years (before I got my own license) and it is very normal for the contractor to be paid for materials and labor, even if they are doing the build "at cost"It's complicated and as other have stated, you've gotten yourself in too big of a mess to be sorted out by some people on an internet forum. 

That doesn't surprise me about NJ, knowing what I do as a person who's lived in the tri-state area for 25+ years, especially since becoming a father and coming to truly appreciate what NJ has to offer offer.

In 15 years of management and 20 years of investing, I've never had a break-in on a vacant or occupied unit.

New 30 Year roof installed in 2022.

Here's the deal:Purchase Price (PP): $95kRenovation Budget (via HML): $60kTotal All-In Cost: $155kARV (After Repair Value): Around $200kRefinance (via DSCR Loan): 7% interest, 30-year fixedRefinance Details: After the refi, I will pay back the Hard Money Loan (HML) at 11.95% with 3 points:HML: $60,000Interest/fees: $3,585Other costs: $1,800Total to pay back HML: $65,385After the refi, I will have $84,615 left in cash.Cash Flow & Expenses:Expected Rent Income: $1,700/monthProperty Management (PM): $126/monthInsurance: $100/monthTaxes: $126/monthMortgage: $1,043.75/monthTotal Expenses: $1,395.75/monthSo my monthly cash flow is about:$1,700 - $1,395.75 = $304.25/month in cash flow.Return on Investment:Cash Invested After Refi: About $18,385 (after paying off HML and closing costs).Annual Cash Flow: $304.25 * 12 = $3,651Cash-on-Cash Return (CoC): $3,651 / $18,385 = 19.8%I didn’t account for maintenance costs since it’s a full gut rehab, and everything is brand new.

"The market power of our investors reflects the depth of commitment to the success of this exchange, not just in the early years but over the next decade and beyond."

The Annual Owner Statement should break down all the expenses that the owner's tax professional then figures out how to deduct and on what tax schedule.So that way the owner can expense everything throughout the year?