Its very tough, if not impossible, to know if you are exiting right before you get to the light at the end of the tunnel.

Under the IRS rules, a person  qualifies as a real estate professional if: (1) more than one-half of the personal services the taxpayer performs in trades or businesses during the tax year are in real property trades or businesses in which the taxpayer materially participates, AND.....(2) hours spent providing personal services in real property trades or businesses in which the taxpayer materially participates total more than 750 during the tax year.Like @Greg Scott and @Russell Brazil mentioned above, I don't believe that you would qualify as a REPS, but if you are going to try it, make sure you document it very well (i.e. with some kind of proof, like time cards, mileage forms, and/or receipts, etc.) so that just in case you do get audited, you at least have something to provide to the IRS agent. 

I'm sure if varies, but I just want a range to help decide what to do.Land is in Pilsen.You are correct the price can definitely range quite a bit depending on the size, finishes, rough materials, location, etc. 

New buyers will just tear out everything you did and re-do with their own colors/materials...I saw it all the time.Save your money.

And even in Texas :)  And myself when i used to sell property as a broker I usually worked on tough to sell properties or builders that needed to liquidate..

With your drive and determination you likely wouldn't throw in the towel even if it got really tough, but why not have the first one be a hit and be smooth and you love it and are excited to do more deals. 

I'm curious what you decide to do but agree NJ is tough and lot of other flippers are in the area putting cash offers on beat up homes before we even see them hit the market.

Money should start to get cheaper towards the end of this year - but 7-8% interest makes deals tough - especially on a rental purchase.Know that you don't know what you don't know.  

I was thinking it may be closer to a "wash" or, maybe only slightly more only bc w/ a duplex at least we aren't paying for two exterior wall materials for two sfh?

Few things to consider: It's a tough market now with interest rates, especially here.