@Martti Eckert in our opinion, you'll need to be really familiar with construction, including costs, or be able to find somoen on the ground you can REALLY trust (but still verify).

As such, partnership agreements are something that I have been wrestling with the last month or two.Thankfully, there are a number of different templates out there for you to adjust.

I would like to use this life adjustment as a catalyst for my entrance into real-estate. 

So I would encourage you to adjust your expectations starting out and develop the discipline of saving money so that every month your net worth is higher than the month before.

@Joe AuA HELOC has an interest rate that is adjustable......

Quote from @Dan Grove: Some combination of cash to seller, closing costs, repairs, construction, paying off arrears, assignment fees, commissions.   

If the Warranty Deed has been properly recorded, the court deems that, as "constructive notice".

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

Before you file your petition to the value adjustment board, you may want to look at what they have valued your property at to see if it is overvalued.

Through your local bank that you are using, are you reapplying for each new home for a seperate construction loan or are you setup as a credit line with them and just submit a new budget for each new home I do want to also add that my banker who is the VP of lending and branch manager has been banking me for 30 years..WE have been through all he ups and downs including the GFC were I got almost totally wiped out financially..