We own two additional lots in our sub-division, one of which I picked up at a bargain price in the depths of the real estate recession.

I deal with Imagine Home Realty and their property management and construction divisions as a one stop shop for Detroit property. 

Again, it's possible, but really tough.There are discussions taking place right now with the UT Division of Real Estate of how to handle wholesalers / wholesaling - both with and without licensing. 

Meanwhile, the real property side of the equation is $400 and you take off 30% (if tenants pay their own water and sewer) and you get $280 per month profit [about 6 times more than the personal property division is making].Here's the trick.

I recommend that your friend actually go to the Building Division and meet with an official there; he should explain that what his understanding of the code was when he started the work and in no means meant to circumvent any regulation or building code. 

highly suggest you all speak with a trust attorney (or two) so if you structure it the way you suggest, there's a clear division of profits, responsibilities and an exit strategy.

Division of Professional Licensure / Board of Registration in Real Estate about this. 

Just because it used to, doesn't necessarily mean it was (or is) legal.It's probably best to check zoning to see if it's allowed, and New Jersey has a lot of rental regulation that varies from one small area to another, so check with your county, city, town, township, neighborhood, whatever fractional division you may live in, subdivision, sub-subdivision, etc...That way you can get an idea of rent control regulations, square foot minimums, parking requirements, utility metering requirements, etc...Good Luck!

These carriers are personal lines carriers and don't insure businesses (at least not in that division or operating company).I can also write the business giving you a blanket liability, schedule your properties, and give you an endorsement to cover new purchases up to a certain amount for 30 days, plus other benefits.The second one is usually much more expensive policy when you own one or two properties, but it insures you better.One of the reasons I can do this is because I'm an independent agent - my agency represents about 20 companies between personal and commercial lines.

We were trying to diversify our revenue before the bottom eventually dropped out.So we have been pushing hard to start our new division and thankfully we have everything we need (except customers and advertising dollars), but our savings have run dry.Our overhead is significant, and we have been operating at a loss for several months.We are selling our rental house to get the equity out, and are sure that it will buy us enough time to get our revenue back up to par.