Which ever choice you make it seems that you are in a good position!

This indemnification agreement does not waive Owner’s Agent’s duty of care to prevent personal injury or property damage when that duty is imposed by law.Resident May End Lease Early:Resident may end this lease before the end date of the lease or any renewal term only with written permission from the owner and only if: (A) Resident gives owner minimum written notice as defined in the lease end notice procedures, AND (B) Resident pays owner a minimum Early Release Fee of two months’ rent, plus utilities during the required notice period, OR (C) Resident continues to pay all rent and utilities until the end date of the lease or, Owner secures a new resident to take the place of the current Resident, whichever occurs first.

Whichever market you buy in keep in mind you're entering the going back to school time & Holiday season.

UPDATE: Was able to get the tenants to sign a Confession of Judgment that they are aware of the back rent owed, they are aware of the late fees accumulated and they will prepay the last 6 months' of their rent either within 7 days after the settlement is finalized or the last day of 2018, whichever comes first.

@Ivan Shao  No, you cannot evict a MtM tenant in NJ for no cause, the state anti eviction statute protects them, all leases renew MtM if you don't issue a longer term lease. and rent raises cannot be retroactive, no matter how long it's been.Senior Citizens: 62 years and older - PAAD Guidelines; maximum 2% or Consumer Price Index (CPI) whichever is less (Absolutely not a penny more).

Best of luck with whichever direction you end up going!

Maybe not for you, but burn one or two beginning investors and word will get around about your deals and valuations.I would strongly suggest doing manual ARV's first, and then maybe checking your numbers with the automated model, and go with whichever number is lower.This may just be my own opinion, but I would NEVER trust the ARV of a wholesaler who told me the valuation was automated.

Most lenders are only going to lend 75% to maybe 80% of market value OR purchase price whichever is less.

Entry point is lower there, but whichever way you end up going, best of luck to you!

May I please just say thank you to whichever person or team did this.