He said that NJ is a gross income state and the gross income is comprised of baskets..losses in one basket of income do not offset gains in another..It may be quite different in other states....

Stop hanging out with your deadbeat buddies who spend all day drinking, talking sports, and otherwise wasting away.

I am trying to get a good hang of the rehab costs since I’m new to the are (from Dallas).

So probably $1000/mo net cash flow but he owns two properties, with one basket of reserves.

Stop hanging out with your deadbeat buddies who spend all day drinking, talking sports, and otherwise wasting away.

Again, all answers that might be better answered in private.You are correct that a lot of lenders just don't understand how we work as investors but that's why some of us hang out here. 

Stop hanging out with your deadbeat buddies who spend all day drinking, talking sports, and otherwise wasting away.

Didn't work out because I still have a project hanging in Upper Chichester (Philadelphia, PA).

Maybe leaving a goodie basket and a handwritten note or something of the sort for your first few guests. 

For the person with little to no wealth, just getting started, putting their eggs in one basket and watching it carefully makes more sense, likely up to the first $500K - $1M.