I want to get control of the properties, remodel and furnish, while protecting this investment.  

With rent control in NJ, yeah, it’s mostly a waiting game if tenants don’t leave.

Taking in the content sounds like a great starting point, and teaming up with someone experienced in these deals is a fantastic idea.

•You’ve fully paid off the mortgage, eliminating lender control.

Although, it's very capital intensive and you have to rely on a lot of factors you can't control, contractors, interest rates, market shifts, realtors, buyers, appraisers, inspectors, material costs, weather etc etc.

After doing some research I realized that the first lien lender has so much control over the purchase price.

Phoenix is a fantastic market for multifamily investing, and it's great to see you exploring opportunities here.

Quote from @Mathius Gazi: I picked up a two family last summer in New Haven and it is doing absolutely fantastic.

I am a rookie investor hoping to purchase my first property within the next 90 days.Kwanza Hi Kwanza,The first thing you'll need to decide is whether or not you want checkbook control of your self directed IRA. 

You could structure a low down payment with interest-only payments for a set period, then refinance later.Master Lease with Option to Buy – Control the property now, generate cash flow by leasing it, then buy once it's stabilized.Sub-To or Wrap Mortgage – If there’s existing debt, you might be able to take over payments or structure a wraparound mortgage to benefit both parties.Hard Money or Private Lender for Reno Costs – If you secure a seller-financed deal, you can use private or hard money for the rehab without tying up your own capital.BRRRR Strategy with a Bridge Loan – If you can get the purchase price down, use a bridge loan for acquisition and rehab, then refinance with DSCR or conventional financing.Would love to hear more details to help structure something solid.