Personally I like the Section 8 program when the property is located in a super poor area with a ton of blight and crime.

Where in New Jersey is it located?

Why not sell it and try again at the new location?

Depending on the location and the city, these could take a long time.

@Juan Mendoza  I think there are legal definitions for a bedroom and there are usual and customary definitions for a bedroom, with each dependent on who you are talking too and where you are located.  

I think both of your strategies have merit, but here’s my take based on what you’ve laid out.Moving to a rent-stabilized apartment and renting out your condo as a mid-term rental could be a smart pivot, especially with its location near a hospital and LGA.

Building located in neighborhood I had been interested in from the beginning of investing career.

We can also discuss which locations tend to command higher rents to help you achieve the best possible return on investment.Let me know if you’d like to set up a time to chat—I look forward to connecting!

However, what is far more important for financial freedom is the location/city where you invest.The city where you invest is far more important than the current interest rate.

Additionally, they should be helping with taking video walkthroughs of the location and the property, estimating renovations/scope of work, helping you learn neighborhoods, building your real estate team, etc.