The building doesn't work for what we are planning and we have too much on our plate to try and take this on right on.

Local STR laws can change within a relatively short time period, and you want to have a backup plan for if/when those changes take place.All the best!

Stats on the house:Approximately 2400 square ft.1st floor -            - two full bathrooms, 1 large living room (14x16), 1 small living room (10x12), and kitchen(10x12)2nd floor            - One large bedroom (14x16)            - Two smaller bedrooms upstairs, but you have to walk through one bedroom to get to the other.Comps in the area range from 220k - 300k.Rentals Comps would be 1700 - 2200.The front of the house seems like it would be "picturesque" for small venue events. 

If you plan to expand your portfolio, starting with a 4-plex might provide a stronger foundation for future investments.It's also worth consulting with a local real estate agent or financial advisor who specializes in investment properties to get personalized advice based on your financial situation and market conditions.Best of luck with your investment!

I am considering purchasing a large 2 family in the Bergen-Lafayette area of Jersey City with plans to convert into two condos (plans area already in place).  

My cash is tied up atm but I'm looking to make some connections and start learning and planning now. 

Your cap ex and management will likely to be factored in and are you planning on seeing these in person.

You should always fly down to the market you are investing in and set strong standards with everyone you plan to work with.

I'm partial to the CoreLuxe sold by LL Flooring.

Additionally, once your tenants move into the rental, you will ask them to sign up for their own electricity plan.