heh i guess I was just envisioning the following scenario:"Hello Mrs Johnson how are you""Oh come in dear""Have some tea""Thank you""Oh gee we bought this house in 1973 or was it 74?

Once you move further away from downtown, the properties get much larger, and the inexperienced could easily under estimate the repair costs in those.

We are new and still inexperienced.

As an inexperienced investor, I plan to stay away from the more challenging neighborhoods in Newark and have so far focused on my immediate surrounding areas (Ironbound & Lower Broadway).

While I do have some experience in property management, investment property ownership, home ownership, and home remodel construction; I feel greatly inexperienced and underdeveloped.

When in essence a GAP lender is a equity partner and most GAP type deals they want 50% of the profits. not just an interest rate.. there are few and far between anyone green enough or inexperienced enough that is going to lend you money on a 2nd position at low private money rates like you may be thinking about.. like 8 to 10% with no points or fee's which is what folks try to get from private money lenders..

There is some low income housing going in to the East of the Tea Ellis road.

However, being young and inexperienced, you clearly don't understand how much work you are unaware of. 

I would never lend to an inexperienced person, no matter how great the "deal" is. 

Only the naive, the dumb, or a relative would provide financing in an inexperienced investor5.