Market rents are $650 for a 1/1 and $1,200 for 3/2 in the area for this size house.   

Most differences will be due to location, size, or rules/availability.

In terms of your grandfather living there as long as he's not the owner having a dwelling fire/rental property insurance policy is appropriate.As @Greg Scott pointed out he should have a renters insurance policy whether or not he's actually paying rent.In terms of liability coverage, that depends on what you have to protect so there's no one-size fits all approach.

If you don’t possess, or don’t YET possess those abilities, then stay away from creative transactions, unless you employ someone who does have those abilities to respresent you.  

If its near Jersey City or anywhere in Hudson and Bergen county, I have developers that buy site unseen 24/7 if in a good area, decent lot size and reasonable asking price.

You will eventually want your nonpassive income to be flown through an S corp so you can lower the amount you pay into self employment tax.

Recently I saw some decent sized laundromats that were priced in the $600-$850,000 range.

The difference in this portion of the execution can be $30k-$60k/yr more money in your pocket vs. that of our competition all other factors equal (such as the property size/location).Next, to drive costs down, I co-host (only for clients) at 15% which is 5-15% less than the large PM firms.  

The impact on w-2 happens if you're contributing to an employee sponsored 401k plan with that employer.  

My partner and I developed a banking relation with a moderate sized Texas bank 11 years ago.