The sellers says it's just college boys and that's to be expected.He's currently getting good rents...as unbelievable as it may seem and if cleaned/fixed up it could make more as well as increase the value of the property.We own several coworking/coliving properties in the US and Mexico, so we are used to hospitality and properties out of state.However, my questions are;Is this a norm for college students, or student housing? 

Ultimately you will have to sell your house at a discount. 

Hi @Christopher Morris House Hacking is NJ is great way to go. 

Quote from @John Friendas: There's a house I'm considering buying with a business partner as an investment rental.

If it does go to probate, hopefully your brothers and you can amicably go the informal route vs formal (I've worked with families in both when buying properties out of probate and informal is FAR easier).Since there's no debt on the house, maybe you could sell with financing or maybe you could even buy out your brothers with financing -- that way you maintain ownership and just pay them a monthly amount.

@Tim Holt, Yes INDEED house hacking is the best option for most 1st time buyers.  

A "lake house" might be in a residential zoned area where a commercial use would be prohibited or at least require a variance (approval) to make an exception.

Little did I know it would take decades to ripen :)3. bought a foreclosure sale .. traded the house for the 3 acres the person who owned the house. 

My focus is on affordable housing, large-scale mixed-use projects, and community impact, with an increasing interest in scaling into multi-family acquisitions and new construction.I’m also involved in medium-term rentals (MTRs) and short-term rentals (STRs), using my tech-driven background to streamline and scale these efforts effectively.

What the city housing clerk is telling me is that there was a water leak from behind the sink pedestal on the second floor bathroom that has been running for a week.