And the best part is that I haven't had any missed rents because people weren't able to apply. 

So the advice on what to do with $20K doesn't quite apply. 

In Jersey City rent control only applies to older building that are 5 units or more not new construction.

Sounds like a keyboard cowboy to me; one with all hat, and little cattle.Maybe you should apply to be an advanced moderator.  

The IRS generally does not allow you to deduct expenses for a property that has not been placed into service, as deductions typically apply to operational properties actively being used to produce income.

That may not apply to you, as a financial professional, but I thought I would share the story.Obiously you could re-lever your portfolio to bring the ROE back up, but then you have to place those borrowed funds somewhere that nets a high enough return that the portfolio is ahead, given the drag of the interest and any transaction fees.    

This will be my second time its listed and so far I've gotten quite a few people interested in applying and only 2 that actually have so far.

Hey @Chi Lo - I actually have a video on my YouTube page about this (lookup ClosedByMo on YouTube).Regarding walls being damp and waterproofed, it means there needs to be waterproofing on the basement retainer walls (this is something you can do post-construction and the contractors would need to dig around the house exposing the basement/foundation to apply the waterproofing). 

I am looking for advice from seasoned house flippers, both in my local market and otherwise with a track record of success; or even with sound wisdom that can be applied to this potential deal.

Do you guys still apply that rule?