I strongly recommend you include Property Management in your analysis. 

Regardless of where you stand, you decide where you want to go.Self discipline: Self discipline is a strong trait of nearly all successful people.

I strongly suggest you get an attorney.From my understanding of contract law, the lease should transfer to you, upon sale of the home.

need track record  very strong balance sheet and lots of liquidity.you kind of have to work up to it.. unless you have millions in liquidity that your willing to pledge.too me this would be a project you would do once your a mature development company with many projects in the books.

I'm sorry to interject my opinion so strongly here.

Real estate pricing has of course gone up everywhere in the last few years of course as interest rates stay low, the economy is strong, and investors join the game. 

Homes are selling for 10k-20k over asking , So if you dont have a strong buyer then your SOL. 

We are looking to start with single family flips in areas that we are familiar with including Essex, Bergen or Hudson county.We would like to start forming a strong team to help make this possible - any suggestions or advice would be much appreciated.

The tenant would need me to be the bank for them due to them being self employed and not  showing a strong tax return year after year.How would you structure this so everyone is protected?

If all the usual factors are against me (high utility bills, bad interest rates, vacancy, etc) then I will make 2K…if the stars align than I might hit 12K in a year.In a completely fabricated example, the below screenshot indicates that I have a 33% chance of having a negative cashflow on an annual basis (small red text at the $0 mark).Models like these are pretty simple to construct.Simulation InstructionsTo get started:1.Install the excel add inI like ModelRisk, it is free but there is also @Risk by Palisade.