This sounds like a development, so you and your team should have years of experience and a track record of success before you take other peoples money. 

Sounds like you are happy with the answers but here is something else to consider: NJ is a judicial foreclosure state so timeline to foreclose is multiple months at a minimum and could even be over a year depending on the tools you have.Is your lender a big institution or a smaller private lender?

I went to my first BiggerPockets conference last year. 

Renovated it, lived in it for 2 years then moved on.

Purchase price: $240,000 Cash invested: $39,000 Sale price: $342,000 Held property for 3 years and rented out the property for 2 years with a rental profit total of $22100 How did you finance this deal?

When you learn the business after a year or two you can either go out on your own or stay with them. 

(assuming rates are where they are today and rental prices increase during that time)Now, this may not need to be a 5 year lease.

We have a single-family residence we own and have lived in for a number of years.

I stuck to it and it has treated me well over the years.I did not start investing ( other than buying a home to live in) till many years later..

Despite facing setbacks, including a year-long renovation process, I tackled the repairs, improved the interiors, and addressed all concerns.