Collect high cash flow in an appreciating market then whenever I am ready, put in some money (say 10-15k) when I am ready to sell, refinance or rent as a single unit to capture appreciation.Thank you!

You usually will collect a higher total rent with the two properties that cost the same as one that costs twice as much and your risk of vacancy will be lower.

As such I have this built into my lease and if the state of extremely tenant friendly state of NJ believes it is reasonable that I collect a late fee after the 5th- then you had better believe it gets enforced.

These laws essentially state that if you sell a controlling interest (the % is defined in the law) in a business that owns real estate then the transfer taxes are still due... and collectible once discovered.So see how this plays out.

This gives me 18 months of collecting rent to save for a down payment once I do a cash out refinance at the end of the term and give back the $150,000.

This gives me 18 months of collecting rent to save for a down payment.

(knock on wood)My question is should based on the current market does it make sense to flip this property and make a nice profit which I can then use to find an off market multifamily at some point or should I stay my course and work through the busy times get a tenant in there and collect the nice cash flow for years to come?

REI isn't about collecting properties...it's about collecting $$$$,....cash. 

Now if this month doesn’t work I won’t be nice again…Consider yourself VERY lucky… I use 3 attorneys regularly here and they all echoed the same sentiment… landlords here, including commercial property owners such as us, have absolutely no control over collecting rents… so much so that our clients are doing us a favor by paying.

If you want flexibility, I would not collect it to begin with just to be on the safe side.