I would tell him that that is an unusual request and he should have notified me before we executed and make it plain that I"m unhappy and offer to let him out of the lease.

I also know its hard to find a good duplex or 3-4 unit but that does offer a good way to occupy a unit and still receive rents to offset the mortgage payment.

Your post didn't sound like it came from a landlord with 25 years of experience, so I was pointing to the basics hoping it would motivate you to do some research.A quick Google search revealed numerous NJ banks that offer the convenience of opening accounts online.

I would love to hear feedback from others that may have been in this situation or can just offer additional advice.Thank you so much!

My STR and LTR's are all schedule E.Unless you are cooking them breakfast or offering daily cleaning with a turndown service you will be on a schedule E.

We didn't feel the additional protections offered were necessary at this point in time.

Instead, I stumbled into the strategy by accident but I believe it helps paint the picture that you can be successful if you are not merely looking to replicate the housing that everyone else in the city is offering.

With lower mortgage interest rates comes increased competition so the sweet spot may be sometime towards the end of this year.That said, if you see a property you like, the best advise is to shoot your shot and submit an offer that makes sense to you and if they bite, you win and if they don't, you didn't lose.

But go back to the realtor where you are at and tell them the type of multi family you would like and walk you through making an offer.  

You could offer to back up lease end to April/ May if that works for you.