I can't speak to NJ, but I know right out of the gate in NYC most multifamily sellers are averse to accepting a low downpayment offer (especially FHA).

Was there a PPM as part of this offering?

Talk to them about the house they have, but also offer to meet for coffee and let them know you are actively looking and ask how you can get on their list.Attend meetups and REIA meetings.  

As I continue to save and approach an acceptable down payment threshold, I am debating a few things and looking for some advice/insight. 1.

If you're unfamiliar with the strategy, reference the forums for further insight.

I sent you a DM with some insight and a strong recommendation.

And in the STR game, reviews are pretty much everything.Assuming you have the hot tub up and running smoothly though, I'd also take some time to focus on what cold weather amenities you can offer to guests to entice them to visit during the colder months when ADR's drop and occupancy falls off a cliff. 

So we want to make an offer on a house in our target area but it has brown stained walls and popcorn ceiling and a sting odor of smoke.

Great insight - thank you for this!

Over the years, I've gained invaluable insights from this incredible community, and I'm eager to contribute and give back.As the founder of Data Led Designs, I specialize in business intelligence and interior design, focusing on leveraging detailed data to inform STR investment decisions across the US.