While substantially cheaper than an external staircase, it's more involved than the heads and some pex...

I've heard some people claim expenses may be a bit lower in mild climates than in harsher ones.

It seems to help eliminate unexpected external interferences. 

There is no pride of ownership and there may be external obselesce or factors like narrow one way roads, factories nearby, lack of access to public transportation and food. 

Take a look at your brokerage and see if they have low cost margin rates and allow you to utilize funds for external investments.

As for what I do, i'm an accountant/external auditor and former Marine.

As the HOA should take care of most of the external Cap Ex items.  

Keep in mind that JC rent control (if your building has to deal with that) is harsher than NJ tenant law.In NJ you are not allowed to take more than 1.5 month security, so have them pay the security and pay last month's rent up front (this is allowed).I agree that no one moves in January in NJ unless they just graduated, or just got evicted, so I would also pursue WHY they want the place now, also, as an added protection, I suggest you make this a 6 month or 18 month lease, with 12 month renewals... have the next tennant start in June, because that is when all the college graduate jobs start in NYC and apartments go like hoitcakes.

In this instance, where the service line from the City was frozen external to the building (despite being under 6-7 feet of beach rock, crushed rock and quarter minus), I'm not sure what would have prevented the freeze - other than re-excavating and installing a circuit to-from the City's demarcation.   

I am looking for an access control unit that can be installed in a multifamily building.Other than requiring an external power supply, it does not need a cable, internet or phone line.It would connect to the tenants via their smartphones.