Reality is most of us who make it long term work our butts off in a W2, save as much as possible and build it over time -- When I see people want 10 properties in one year with no money down - I question how realistic that is, of course anything can be done but is that even the right play unless your sitting on $2-$3M in cash?

I worked with an agent who was okay but I became an agent myself because I became so interested in the industry and want to help other people build wealth and become investors themselves.

The rent from the other units will allow your to purchase a more expensive property than you could on your own, which could help you build the value of your portfolio (and equity) faster. 

I do want liquidity to invest elsewhere which is why I'd like the cash back from the reno ASAP, but I don't need liquidity equal to the value of the house--just the basement build-out, if possible.With option #3--how do you "cash out immediately"?

.- Inspections: Some programs require annual property inspections to ensure compliance with their standards, which can occasionally be demanding.- Damage Risk: As with any tenant, there’s potential for property damage.

Did you know the seller previously or did you have to build a rapport with them in order to do this?

In Jersey City rent control only applies to older building that are 5 units or more not new construction.

Quote from @Jaycee Greene: Quote from @Jamie Parker: @David Mares The short answer is to build and develop the area.

The previous owner took exceedingly good care of the building and there was nothing that need to be done except to raise the rents.

They don't want the company to be potentially liable if an owner doesn't follow through with the inspections and repairs.After the GFC, we needed the capital investment or they would have had to tear down more houses than the thousands that they already have.