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

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

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).  

If all looks good, I suggest a one-year loan with one automatic one-year extension for another 2 points, subject to on-time payments, taxes & insurance paid, etc.

What would a realistic plan for someone my age be? 

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.

I plan to convert it into student rentals.

If you plan to invest in real estate you want a relationship with someone you can hire for issues or even to get questions answered.