I highly recommend Matt with Floor Coverings International.

Finding a need and filling it is only one side of the picture.

I would still file one even if "rumor has it" this will cover your butt and you are not breaking the law.

What contracts should be used in order to cover both sides and certainly make your prospective lender at ease of the situation?

I don't know for sure, but considering the price, age and required maintenance of properties in that area, im willing to bet you're going to have a negative return for this year and each of the next 5 years until rents cover your expenses.What is your investment goal?

Sure you could list every item on an inspection report "chip on light covers", "dirt buildup in basement corner" and request them all fixed to end it, however you can't just say "I changed my mind".

I have someone who covers most of Bergen and some of Passaic county.

A properly constructed liability insurance policy will pay for your defense if a suit is filed that relates to a covered loss.

Zip Codes - the best data for zip codes comes from the US Census http://www.census.gov/quickfacts/table  There you can enter a zip code to get a very detailed picture of who lives there, how much money they make etc...Again once you have that data I would do a lot of Google research to see what is happening there.

Our first objective is to make enough income from rent to cover our expenses, and then move into a single-family home.