@Gonzalo PerezAs a few people mentioned the transaction you outlined would be prohibited. 

@Randal Remon if you don't yet understand what I'm outlining; don't worry.

It basically outlines what many of the risks are  - screw up your payments and you're paying interest, who shouldn't do it - folks who aren't organized or disciplined, etc. 

Get a few important documents together about the property: MLS listing, tax records, if the units are occupied and/or property is generating income, quick breakdown of some repairs/renovations you plan on doing (doesn't have to be too detailed, maybe just outline major stuff like a new roof for example).

But if it is worth more than that amount you have to follow a process as outlined in your state’s law which could include sending notices and holding a public auction.

The tenant and landlord may either give notice to end the tenancy as out lined by the state landlord tenant regulations.

Additionally, make sure that all terms of the agreement are clearly outlined so that everyone involved is on the same page.

Sorry, I just read original post where you outlined the costs.

Have you move forward with the plan you outlined?  

@Michael KrassosI think it would be beneficial for the (NJ) community here on BP if you update this thread and share what you've learned and outline how you intend to operate.That way, others may compare & contrast, as well as offer or seek suggestions.