- FYI: it's only illegal to try to rent it out, the property owner can usually legally live in a nonconforming basement unit.If you do all this you may still negatively cashflow each month, so make sure your income can cover and/or your cash reserves.If you do this successfully, you will learn more in 1-2 years than you would reading here on BP for 5+ years:)Good luck:)

Make sure the estimates are very detailed (scope, SF, $/sf, schedule, etc) to ensure that there is a clear dilation between contract work and change orders.

He was the one who initially contracted the property and brought us on board as investors.We are deeply invested in this project and are looking for potential partners who can help us realize the vision we had for Corktown.

Do not rely on it for legal advice.

NJ is very tenant friendly state on the legal side.

My question is, do I just use the heavily reduced price I was able to purchase it for since it was vacant, and then the material cost of what I renovated plus what things I did contract out, even though that basis would be way under what the other renovated houses that sold near me per SF sold at, or are you able to use similar comps to determine the depreciation basis?

Our local REIA is hosting our next meetup on January 9th and we are bringing in legal experts to help investors better understand the implications of Good Cause Eviction.Here's the link to register for your seat:https://www.ffreia.com/Events.aspx?

Legal violations and penalities(fines) even if you have accounting software to track the difference. 

If you can’t “always close” on every home you put under contract, aim for 90-95%.

Considering it's from a reputable auction site, do I have decent legal standing if they misrepresent it?