I would do conventional  but I’m not qualified credit wise.  

It's about finding bugs, backdoors, exploits and unplanned results for good.See crackers are black hats as they crack ie break in and cause bad things, hacking might break in but they don't do anything bad and report to the owners how they got in and how to stop them next time.

Location Northern NJ, easy commute to NYC, good schools, small studio.Purchase price: 75k, has to be cash do to lack of financing on coop, fantastic conditionRent: 950-1000, very strong demandMaintenance (includes tax h/w): 305What say you oh wise ones?

@James Wise I would like to be a landlord, part of our investing plan is to accumulate some rental properties. 

If they leave at the end of their term lease it would be no different that leaving on a M2M lease cost wise for a landlord.

I would like to find a live in flip opportunity around me but everything on MLS is obviously very hot price wise even if its in bad shape.

For instance, if you utilize a full-time housekeeping staff, it may also be wise to have a couple of housekeeping staff report on a different schedule to accommodate day-use rooms.I really don't see day-use rooms being an explosive seller, so wouldn't need a dedicated staff for day-use rooms.

What to focus on renovation wise when moving in, and 3. any other general advice on how to do this successfully.

I could claim I overpaid at $800k and I shouldn't be punished tax-wise for overpaying but I have no numbers to back up a claim that the house should be assessed lower than $800k. 

You can not invest wisely without cash and cash reserves.Almost forgot....make sure your credit score is high, 750 or better.You need cash for a DP, closing costs and a reserve fund after you buy.