Quote from @Samuel Hudson: Hello friends I am new the market and recently bought a home in Weehawken 6 months backs .Its a three family home and we are currently doing renovations Right now.The rent leveling board told me that two units would have to follow a rent of 1650 for unit 1 which has three bedrooms and another unknown amount for unit 2 which they don’t have the information for .The previous seller I purchased the property from bought it as a tax lien .He has kept the property vacant for two years with no tenants before selling it to me .However ,the previous Owner he bought it from must have had tenants .I am putting in a lot of money into renovations and want some clarity on the situation I am in .The property has been vacant for the two years and currently still is as we are doing renovation .It would be really appreciated if anyone can assist me on what information needs to be provided by from the previous seller for me to be able to set the rent based on the market value .Thank you . 

Without going into too much detail, my current situation stems from selling a previous company via partial owner financing, only for the new owner to default on the purchase, leaving me in this position.For traditional financing, I understand I’ll need at least one, if not two, years of solid credit history, tax filings, and other financial documentation.

Conventional owner-occupied mortgage rates are above 7% today (source: Mortgage News Daily - Mortgage And Real Estate News).

Yes, long-term rental clients sometimes don't want short-term rental next door to them, but you are the owner and landlord and set those expectations up front so it's on the table before they lease.

It is a family owned property of which I am one of the co-owners.

Short term rental permits are only granted to owners who will be renting their primary residence.

This initial conversation before the owner has a property can be very educational especially if the owner is out of state or has never been to our city.

I believe it is over priced (originally for sale by owner for $280k,later listed through agent at $360k), but I feel like the seller may be open to a creative financing option. 

Gamal is the owner.

Why did the former owner not execute this strategy?