The kitchen and 1 load bearing wall will be contracted out..and thank God it’s not a huge kitchen.

It also bears significantly less risk than ground up construction.On the financial side, lenders will usually only require 15%-25% down, but will ask above 65%-70% pre-sale before underwritting.

You may not be are motivated, hard working, smart, dedicated as the mentor. 

Nice conservative interest-bearing securities. 

As this is a legal question that bears on the enforceability of the contract, you should consult a real estate attorney.

@Paul Burke  Income tax has no bearing on some one living on Folsom lake in CA... you pay your CA tax.. so that is a none issue. 

AirBnb's in this area would be in the mountains, preferably Big Bear and less so Joshua Tree.  

Workload: Solo investors bear the entire workload, which can include initial acquisition, property renovation, property management, and refinancing or reselling the property.

So what happens with your NY license has no bearing on NJ.

The area that the building is in currently trends around a similar per unit price... current owner hasn't done much as far as improving the property as he bought it less than 20 years ago... essentially if and when I step in, I'll be forced to do the upgrades that are necessary and bear all the expenses.