We agreed on a section 8 tenant stabilization plan, and after their first full month of taking over, here's how we're doing: Total Properties: 11Total Rent To Collect: $10,240Historically, under Own It Detroit (Mutual Property Management) -- monthly totals of rent collected on the first and before the 5th was typically $1200 LogicPM has inherited tenants who for the past 6-8 months were told as long as payments come in before the end of the month, partial payments included, you're okay.

My guess would be 50K including furniture, appliances, etc...Rental income was ~85K last year.

Including a contingency in the first 3 days after the contract is accepted is a good idea especially if there are tenants. 

Also including the tenant friendly restrictions limiting any ability to evict still in nj

This allows you to pursue the company for any financial default which includes damages if not paid for on demand.

If so, have you ever done a buy and hold partnership deal that includes one partner invests and the other lives in as principal residence for 2+years during renovation and manages property until sale? 

This would also include any new Tenants just as above in sect (f)(1).

Both sides need new appliances including washer and dryer.

Some of my leases need to be updated, including increasing security when increasing rent; putting in clear violations (such as tenants using electrical heaters, which is a fire hazard); having a reliable attorney ready should any legal issues arise.

For real estate that includes (1) principles of real estate (2) real estate law (3) real estate investment (4) real estate finance.