Rather, I would suggest stockpiling cash (and/or credit lines), make sure I'm on a strong financial footing with great creditworthiness, and start looking at deals rather than try to time the market. 

Based on nearby home values, the ARV on this property could be up to $165k.

In fact, when he had space for rent, it's a fraction of rents demanded in nearby heavily trafficked commercial areas, so the demand is high.My dad like renting to office tenants, as his insurance is a fraction of renting to corner grocers, or small coffee shops, where insurance rates are higher due to foot travel, such as slips and falls. 

We should instead work together to build a solution that ensures the moral support needed to get to a better place in life.I think the way the whole organization is structured will also provide another sense of accountability towards each other.Create a “Flip to Own” plan that lets future tenants be more involved with the initial renovation between occupants.Create a transparent “Monthly Operation Payment” that includes:An investment buy in (market value amortized over 30 years @ current market rate + .3%).Taxes & insurance (will also need renters insurance).Utilities (goal is to have a history of avgs, but will be paid as billed).Any cost associated with labor support for “Property Stewardship Guide” (basic cleaning and lawn care).Repairs and Maintenance budget (.1% market value, any expense related to maintaining current market value/ rent ready condition).Capital Expenditures- Major repair budget (.1% market value, any expense related to increasing market value and capital expenditures).Good neighbor assistance dues (.1% market value, covers accounting costs and assistance access).Create an app that makes monthly property management an easy habit.Pull information from Property Stewardship GuideIt keeps track of all the costs that determine the monthly payment, including utilities.It has a checklist of that months maintenance tasks, based on the standards of the GNA, that ensures the most effective life of the property.Have a portal to submit rent payments, using paypal or similar services.Build in an option to apply employee wages from the GNA as rent payments.Have a profile page with all the important dates and documents.Leverage these managing residents to build a coalition of labor support for the rest of the properties under the GNA umbrella.If they are all employees of the GNA non profit, then we can distribute benefits including healthcare, retirement savings, etc.Create a rolling pay scale:Offer work in exchange for equity ownership in other projects.When the current managing resident is ready to move, they can either cash out remaining repair budgets and equity, or leave their equity in and share the profits with GNA equal to their equity share.The managing resident will partner in the process of getting the house back to full market standards.Use the stockpiled repair budgets to fix their respective categories.Use built up equity if repair budgets don’t cover that cost.The remaining repair budgets will be applied as a direct principal payment.If the managing resident wants to cash out, then the GNA will buy back the property at the current market price.Both parties will pay their traditional closing costs if applicable.If the managing resident wants to remain an equity partner, then the title is changed to reflect that business relationship, and the managing resident receives monthly payments equal to their share of rental profits or interest payments of the next resident.Previous managing residents must create and manage their own LLC.If the previous resident has more than 50% ownership in the property, then they are in charge of managing the property.The monthly payment for the previous residents equity will be equal to their percentage of ownership times either the interest earned from the next resident’s purchase, or from the profits if it is run as a traditional rental.

Rental for this kind of unit nearby can be around $1600-1800. 

But if you're looking for immediate income from the property, this isn't the deal for you unless you have a strategy to increase revenue/decrease expenses quickly.The fact that lots nearby are selling for more than the property is a good sign because it speaks to the quality of the location, but it may also be a red flag about the condition of the building if the land would be worth more without the building on it.

My first choice is Newark since it has a younger demographic and nearby state parks.

Your friends that moved to a suburban apartment aren't loving it, but they can go for a walk in the park nearby and go outside to get some vitamin D. 

It's even worse if they stockpile goods and create shortages. 

What property type would be best for an area with many high profile companies(Johnson and Johnson), high developed area (Towncenter), a nearby university(UNF), and great weather?