My suggestion is to hire a real estate attorney to review the contract making sure it meets your terms. 

Ultimately if I decide to continue with the deal, I will have any paperwork reviewed by my own real estate attorney.Here's the deal:Duplex, $71k, both sides currently rented, gross $1100/month, class C neighborhood.

Ok, now that you have taken your initial step, below are some quick links to get engaged.Since you expressed an interest in Turn Key and Wholesaling, I added the below links for your review, while you wait for others to provide feedback on notes investing.https://www.biggerpockets.com/renewsblog/2014/03/23/what-does-turn-key-real-estate-business-entail/ (Turnkey REI)https://www.biggerpockets.com/renewsblog/2015/01/31/ultimate-beginners-guide-real-estate-wholesaling-2/ (Ultimate beginners guide to wholesaling)https://www.biggerpockets.com/renewsblog/2013/10/31/wholesaling-podcast-mike-nelson/ (BP Podcast 042 - wholesaling) http://www.biggerpockets.com/startherehttp://www.biggerpockets.com/meetSetting up Keyword AlertsHow to Use @Mentions on BiggerPocketshttps://www.biggerpockets.com/ruleshttps://www.biggerpockets.com/inviteshttps://www.biggerpockets.com/forums/categorieshttps://www.udemy.com/biggerpockets-real-estate-investing-course/ (video with 64 lectures and approx 6hrs of material)https://www.biggerpockets.com/real-estate-investing (Ultimate beginner's guide to REI)REI can be very daunting, but, before you go searching for that 1st buy, please take a few minutes to bone up on the tips in link below.https://www.biggerpockets.com/renewsblog/2014/12/19/real-estate-investing-success-smart-tips/REI books suggested by BPershttps://www.biggerpockets.com/renewsblog/2015/11/13/7-real-estate-books-beginner-investors/ (7 absolute must read books for beginner REI)http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/?

a revised drawing will have to be made for the effected areas and then submitted to the building department. you can usually continue with the work while they review it if it is minor interior design.. 

I may look at review 50 places and look at 10 before 1 meets my criteria so I found being highly selective has been the key.

Gary Kuhn the best way to find out legal wise is to review your HOA declaration.

Since your preference is buy and holds plus flips, I added the below links for your review of these REI niches. http://www.biggerpockets.com/renewsblog/2013/01/04/how-to-rent-your-house/ (house rental guide)http://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/ (how to buy a rental property)http://www.biggerpockets.com/renewsblog/2014/01/07/flipping-houses/ (step by step guide to flips)To be more successful, you simply have to work on the other elements to progress your REI pursuit.

Right now I'm securing 3 lots with my own cash for Architectural review to build right after the snow melt next year.  

IMO - I would have a GC bid on the project, review and examine the scope of work that needs to be completed, and identify smaller (more labor intensive) projects that you may be able to easily complete on nights and weekends.

Quickly review current sales via Zillow for Millburn, Maplewood, Livingston and Montclair and nada.