I have had these tenants for going on 5 years, and they have been increasing their income every year...which means they are getting less and less from the city, but they still make their payments every month.So, although I agree it is a risk, a good screening (including calling the previous landlord, credit, criminal, income verification, etc.), should be adequate to vet the tenants when they apply. 

I have seen very large duplexes or even 4plexes for a song, that would reach the higher side of 1/2 million purchase price anywhere else. 

@Kim Handelman,Maybe just figure that took a $76K mortgage, has been paying faithfully for going on ten years and did not take any other debt against the property.

Do I forgo some cash flow just to get started?

Can I take them to court for going over the recommended time ? 

I've been lurking on Bigger Pockets for several months now and it has really helped me develop a much better strategy for going forward. 

Sounds like you're a smart, motivated kiddo....well, except for going to the wrong school - haha, jk!  

You can get your 22k working immediately and forgo all of the unnecessary costs to be setup as an “active” note investor. 

, metal railings and balustrades - not to code, HVACs - all failing due to the tilt of the foundation pooling the oil and keeping them from being lubricated properly, etc, etc, ad nauseum.That being said, we've gone back to the seller with two options: them repairing the roof, foundation and windows with ~5% off the contract price, or them selling it to us for a song and we fix everything.

Excited to start.Would like to make a few local connections for going into REI in my area.What do I need to do to start a discussion in a page like "New Jersey Real Estate Q&A Discussion Forum"?