While the property's location was desirable, it was evident that the house had been neglected for several years.

@Matthew Drouin had a great reply:"Typically 50% of revenue is going to go right to operating expenses on small multi family. 

Before our contract fell through, we were going to go with a business policy from State Farm.

Everyone was nice, they have great research on their management areas and good statistics to back up their management (although I find their statistics are overly optimistic, they are still real numbers)There just wasn't enough meat on the bone for me to go that route.

You don't know what you don't know and when there is a problem- and there WILL be a problem- you want to be able to go to the site and talk with your contractors face to face. 

It's just a matter of knowing where to go....oh and this is possible with 0% origination fees and without increasing the rate...not a bait and switch, i have a different compensation model.

I did all of mine several months ago as they are single member LLC;s and I already have to go through fingerprinting, background checks for my NMLS license as well as audited financials for our fund.

It's not too expensive however, after buying our condo in the summer we are lacking the capital to go in on it by ourselves.

My understanding is in Jersey, the owner has a set period of time where they can force the property to go to auction.

.- Son to have RE license and path to life he desires.