-------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

If you have family get them involved...sell FB marketplace and eBay for a year and they can do that from home.   

While both involve finding and properly securing a site and bringing it to full entitlement, the ground-up process includes the land piece but gets way more involved and complex to execute.The full "Monty" for ground-up development needs to include financial literacy, an explanation of metrics, and how they work.

I just bought my first investment property and I'm already looking out a year from now to start applying BRRR.

People should stop applying sale of goods theories to it.    

This could mean either spending at least 500 hours actively involved in the property or ensuring your involvement exceeds that of anyone else, such as a property manager.

Liquidated DamagesIf the Subcontractor fails to complete the work by the agreed completion date, liquidated damages of $[Insert Amount] per day will apply.

However I am struggling to understand and evaluate the risks involved with cash out refinancing 2-5 years down the line.

Do you guys still apply that rule? 

Best part is NJ is not what its made out to be in terms of landlord friendly, the state gets portrayed as the entire state being bad when really most wacky laws are in the major cities and they apply to 5 units or more.  2-4 unit multi families fly below radar per say.