My cash is tied up atm but I'm looking to make some connections and start learning and planning now. 

Spend the money on flight and hotel when you acquire the property to thoroughly inspect the property and put together a detailed improvement plan.

Your cap ex and management will likely to be factored in and are you planning on seeing these in person.

I am considering purchasing a large 2 family in the Bergen-Lafayette area of Jersey City with plans to convert into two condos (plans area already in place).  

You should always fly down to the market you are investing in and set strong standards with everyone you plan to work with.

I'm planning my exit as a lease-option but want to make sure I can resell it after an update for profit as well...just in case. 

Additionally, once your tenants move into the rental, you will ask them to sign up for their own electricity plan.

How many IFBB pros you planning on hosting

The part that I'm caught up on is that in IRS Publication 523, page 11, it says the following, which is where I think my situation is a little different because I rented out bedrooms rather than units in a X-plex:The home is under my name, but we were planning on filing jointly.

Jason   we just did a project where I brought the land, capital partner and I negotiated. they build all cash for a 720 square foot plan we build that sells at a premium here.