Do this enough I guarantee you will get great info, insight, and just maybe an old timer ready to retire out who's open to seeing what they can do to make a deal work.

Listen to Brandon Turner's podcast where someone he interviewed shared how this made a HUGE increase on her income: https://open.spotify.com/episode/1bS4eL80KL1rWY4vyCMjXh?

Your income isn't high enough for it to make sense as a rental and the closer you get to your residence limit the greater pressure you will have to sell it before losing your exclusion in whole or part. 500k right now can make $15k per year income with zero maintenance or tenant risks. 

@Victor Yang To use the rental losses to offset any active income (W2), you'd have meet Real Estate Professional status (which would be difficult to do with a W2 job because you'd have to work more on real estate than any other job to qualify) OR have an AGI of $150K or less.

No guaranteed way to stop a determined, experienced thief:(Only deterrents that push them to easier jobs.The roof may be a good idea - until they figure out the just need a ladder to get up there and a rope to lower it down. 

If you have your mom live there without any rental income, it is not considered held for investment but is rather held as a second home and does not qualify for 1031 Exchange treatment. 

I am a big fan of getting rid of consumer debt as it puts a constraint on your income and savings.

I won't see any rents or income until after the construction phase is completed.   

@Muhammad Kashif Flipping a property in 6–9 months results in short-term capital gains, taxed as ordinary income (up to 37% federally, plus NJ state taxes up to 10.75%).

By utilizing section 8 income we will turn it into a property that is insured beyond belief and make over $ 418,000 gross $320,268 net.