It also depends upon what the investor is wanting to do with the note as well.

Depending on the state and even the county, the eviction process can be a nightmare. 

Jersey City is hot right now but like I tell my clients the majority of the time I can find them deals that make more sense in Essex County but that depends on the client and what their needs are along with their comfort level. 

It also depends how nice it is compared to the other options out there.

Depending how long your LTR was in there, you might need to fix or update a few items. 

@Eva Sha - Yes, I generally advise emerging developers there will be anywhere from 5%-8% in closing costs (depending on the size of the loan), which include lender costs/fees, attorney's fees, and title fees, plus any other consulting fees.

Also, beware that building in a location like that can be a very long process depending on where you're talking about.

It depends on what you are comfortable doing. 

For a partnership where you're providing all labor and the broker is funding the deal, a fair split typically ranges from 30-50% for you and 50-70% for the broker, depending on the value and complexity of your labor versus the financial risk they're taking.

It also depends what type of neighborhood you're buying in though as well.