Anita, your investment strategy is the foundation for your success..

The key is to start small and build a foundation.

This relationship could be very lucrative for all parties involved for the foreseeable future so I want to be sure we’re laying a solid foundation to start. 

So in general, I’m not a fan of taking on added risk (investing) until/unless you have a solid financial foundation because investing is a long term proposition that requires cash/liquidity.

Direct quote from the NJ Truth in Renting Act, posted from NJ Department of Community Affairs (which can be found at the link below)https://www.state.nj.us/dca/divisions/codes/publications/" Month-to-month leases renew automatically unless the tenant or landlord actsto end the lease.

On the other hand, you may also give notice (30 days if 10% or under, 60 days if more than 10%) for a rent increase.As far as the issues with contraction and expansion you state, if you have not, try diagnosing that you don't have foundation issues that can later cause more problems.Re #1:Flooring - what kind of kitchen flooring and How old is it and what condition is it in?

I guess but i would have to see that.. thats pretty crazy.. you let houses sit like that in those weather conditions and soil conditions with out regular maintenance they will get either broken into and stripped or squatters or foundations will go wonky.. 

I have a property in Albany NY that may need significant repairs to the foundation.

The cost will go up as square footage increases or multiple outbuildings etc.Big things to look for in an inspection: the foundation, the roof, the electrical and the plumbing.

(there's a diy bridge connecting the house to the apartment which will most likely be removed.Within the small neighborhood, only a few streets away have been nearly 20 homes sold in the last 6 months, and only two sold under 200k, most 220+, all of them single story, most 3 bed 2 bath, several are new construction.my short term goal is to own and rent the apartment and live in the main house for the rent to cover expenses, no positive cashflow necessary, but appreciated.the house is in need of extensive repair, it's on block foundation, but not in a flood plain and did not flood in hurricane harvey, (I'm in houston). obvious potentials due to original construction being in 1950 is asbestos, rewiring entire house/upgrade, redoing all plumbing, replacing most windows, hopefully not a complete install, and it has no central hvac.