However, since you’re switching to a commercial loan, this may not apply—check with your lender for specifics.Be aware of closing costs and potential prepayment penalties tied to your FHA loan. 

Low down payment with potential for huge rent increase year over year making house hacking very advantageous in New Jersey.

(Yes, there is a potential Section 179 alternative, but it is for a different post.)  

This is especially important when owning rental properties or managing flips because it minimizes your personal liability.However, many people stop at forming an LLC without considering the potential tax benefits of electing S-Corp status.

Hoarding becomes a violation when it presents a fire hazard or other safety issue, attracts pests, or potentially damages the property.

Think through each aspect of a potential transaction, and how you will respond to the inevitable hiccups, problems, frustrations, and disappointments that occur in every start up business. 5.

They are also looking for code issues and other hazards which hopefully you are compliant with no matter what. 

What are some pros that I can highlight from the seller’s perspective.Here are a few that I’ve come up with:1) monthly income at a higher interest rate;2) avoiding a larger tax bill by reducing the purchase price (on paper);3) a promissory note that they could potentially sell down the road.Any other major ones I am missing?

This Raymond St property caught our attention due to its affordable purchase price and potential for a high return after renovations.

Interesting in hearing feedback and pricing comparables to an off market potential deal where I have met the owner who is willing to sell his 3 units building (SFH with 2/2 and behind it an ADU with 2 other 1bed units and 2 car garage).