Purchase 50-60% depending on condition of house. 104k  - 120k Repair money 10% - 20% of ARV Total 60-70% of ARV  Invested Your best deal would be Purchase 50% Repair 10% Your worst deal is 60/10 or 50/20Never do 60/20 If you have 40k in repairs (20%) you need to buy at 50% 104K This would have left you all in at 144k.

Looking at the street views of the areas, they look "OK" but the roads are in bad condition, which is one of my go-to's in determining the quality of a neighborhood. 

There is usually an IC ( independent contractor ) agreement with you and the brokerage spelling out under what conditions you will be able to place your license there.Every state is different on the exact process and I know nothing about New Jersey's process.It sounds like the principal broker says once you join them after getting a license then they will feed you leads.

This was on the condition that they left peaceably and my unit in good condition

Both are in great condition with a number of upgrades so they get some of the best renters with the highest rents for the area.  

Condition of forfeiture; right to cure A purchaser's right to exercise an option to purchase property under an option contract cannot be forfeited unless a breach has occurred in one...

After dealing with the clerks and automatons of city government, it's easy to become conditioned into thinking that everything must be conducted through the bureaucratic process.  

mcId=z73159&radius=25&...In addition, if condition permits, I highly recommend www.audible.com for tons of real estate reads.Hope that helps.

Make notes on what is the rent and the condition of the property.

I always like to peruse the realtor.ca website and I have noticed a 2 bedroom unit in decent condition for under 100k!