It was very outdated so we are giving it a facelift and will be looking for a way to rent it out.We’ve considered retreats, STR, independent living, section 8, etc. what other options are out there that we aren’t thinking of?

Plus, keeping it as a rental helps you avoid any potential loan fraud issues—something worth considering based on your risk tolerance.The new house could be great for personal reasons, being closer to your parents, but with a higher rate and payment, the financials aren’t as sweet.

My local authorities allow STR once I get the necessary permits and business licenses.

And most of the people that have regrets probably aren't on BP...

People aren't that dumb, they can see the potential.

Of course, your bid will be extremely important, but it would be a challenge to get to the point of executing a bid proposal if we aren't confident in much of the above items.  

Keep in mind the neighbors may know who it is that's reporting them if they haven't been turned in before and all of a sudden they're getting citations and the house next door to them just changed hands, but that shouldn't stop you from cleaning up the block.I'm sorry you're dealing with this, at least they aren't your tenants but still a big issue.

Do not go and invest out of state because people come into the forum and try to convince you to work with them on these goals (so ridiculous), you aren't ready for that and you have a good foundation somewhat locally.Your best bet, if you can't move, is to keep investing outside of New Jersey and stay close to your current property.

The laws on smoke/CO2 detectors aren't going to get more lenient as time goes on.

I'm curious about people investing in DSM from other markets that aren't using a full service PM company like Renter's Warehouse.