Every summer, even though they are on 12-month leases I have a high amount of vacancy simply because tenants move out without paying for the last month or two of rent. 

Very dissapointing answer from your agent EXACTLY I think  this would work in any state.. simply open escrow at another title company.. 

Since you are an agent I will assume it is not as cut and dry in NJ as in TX but even if an offer is accepted, the clock doesn't start ticking until earnest money has been deposited with the 3rd party (title company). 

;P  LOLAs for the predictions, these topics remind me of the old guys that used to hang out at the barber shop where I used to get my hair cut, back when I still had hair to cut :)  .

Thanks everyone and I am simply amazed seeing so many replies in short period of time. 

To all Investors: do yourselves and everyone on the mortgage as well as on the title side a huge favor and simply round your sales price up or down to the nearest round 100 number.   

Simply enabling either side of the equation to participate in a transaction it could not otherwise might create such a benefit.  

I hate to break it to you but a post on BP isn't going to cut it. 

I need to get creative. Am I able to take a single family property and transform it into 2-3 units? Is there any laws that would prevent me from doing this?

The house is 4,500 sqft., XL backyard, koi pond, very well ...

How bout this, rather than sinking so much money into Dead Equity, look at paying off other NON tax deductible debt, invest it in retirement savings like a Roth IRA, Annuity, Loan the money out thru a company like Prosper or simply put that money in the bank and let it subsidize your monthly nut.