By securing a home now, buyers can build equity while having the flexibility to refinance when rates become more favorable.Your years of experience shine through in this explanation, and I truly appreciate the depth of knowledge you’ve shared.

Even at that point it was hard to get "cash flow" meaning that the tenant from one unit rent would pay for the entire mortgage payment plus insurance/taxes with money left over (the cash flow). at least in a desirable, secure area of town. 

Here security deposit and most of the first month's rent are supposed to be paid by NJ Victims of Crimes.Fast forward now:- she did not pay her rent of January.

Secure Smart Financing – Consider FHA, VA, or conventional loans for small multifamily (2-4 units). 

Since your name is on the deed, you have a few options to secure financing for the rehab:Home Equity Loan or HELOC – Since the house appraised at $500K and you own it outright, you may be able to take out a home equity loan or a home equity line of credit (HELOC) based on the home's value.

Forgot to mention, most accountant, myself included, have a secure portal to upload documents, many of the documents come in electronically anyway, so it really is very easy

You'd also need to establish a budget, and secure a master insurance policy. i THINK you need to do these things before reaching out to your municipality to have it converted officially with the county or city but they would be the first ask for steps in order.i will add, this would make financing on these units a bit challenging, as in the mortgage world, at least initially, they would be considered "non-warrantable" condos.

@Tyler GarzaIt's wonderful to see your enthusiasm for real estate and your dedication to securing a future for your family.

Buy your flips with soft created Paper secured by a flip you’d like to keep.  

Networking and securing the right financing will be key to getting that first deal done.