What is a fair offer to make to that GC, and what kind of deal should I not accept?

Are others playing the long game and hoping for appreciation or is there something I’m missing with the economics of North Jersey?

His criminal record shouldn't play a role if he was released from prison five years ago and has held a steady job, has good landlord references, etc.Disorderly conduct looks pretty minor, and I don't see how it poses a risk to you.

We have bought only a handful of 2nds but to me, the 2nds game is a volume play.

Do you think the high property taxes play a significant role in shaping your investment strategy moving forward?

We recently sold a rental in Columbia, SC and did fairly well.

He played on my emotions - it's easier than finding properties and dealing with tenants, PMs, etc.

So I wouldn't see how 6 months would come into play on this. 

For primary residences, taxes paid equal 4% of the fair market value of the home times the local millage rate plus any other local district taxes assessed, such as for fire or police, but with a school district tax credit.

The Fair Market Rent (FMR) on the HUDuser.org website is the Median Rent for the are based on actual rent surveys.