The easiest way to get around this is to figure out how much the property would cash flow using the "rental property calculator." 

I went to Google and searched for "New Jersey purchase agreement" and came up with a lot of options, including the official REALTOR contract.

Likely it is just a quit claim deed to your new name, however, also note that some states (ie MI - requires another form to be filled out and it changes our taxes - or can change them....).Get the help you need to make sure it is done right without costing you extra down the road.  

Focus on building strong business credit through timely payments, low debt levels, and solid financial records, which carry more weight than the name alone in establishing creditworthiness.This post does not create a CPA-Client relationship.

I think a 1031 exchange wouldn't be a bad idea if you're not making much on the property, and are worried about big repairs coming up in the near future. 

I've sent you a connection request and would love to connect to get a better understanding of the market.

Quote from @Jr Miller: The lack of human interaction increases our number of showings.

Hey @Isadore Nelson - I'd bet my life savings on the fact that there's multiple reasons why other investors haven't scooped this up yet. 

@Carl TrubeWell have you confirmed the bank will let you assume the loan?

Welcome to the community and be ready for a huge amount of information at your finger tips.