There's more I need to learn no doubt but my goal is to convert more of my leads that I can't wholesale into deals instead of just referring them to a agent.From what I understand there's TWO documents the seller would have to agree to the Lease and the Option.

I would also be curious to know whether or not it might fit 203(k) guidelines. 

My goal would be to invest time after work during the week while spending most of my weekends working in real estate. 

***i'm not tax strategist or CPA***with that in mind i think that is a good idea to talk with your tax professional, speaking for myself my tax professional wasn't very helpful along the lines of exploring creative ways to utilize SDIRA''s if you need a custodian that deals with this topic and  can counsel you on any options that you could utilize this site could be an option to check out: www.trustetc.com.............they may be able to help you in achieving your goals 

,Neither are for you, given the goals you outlined.

First determine what your goals are.  

If you like them, and they seem like a good fit, then ask if you were to find some deals, if you could bring the deals to them for them to buy and then offer a 60/40 split (they get 60%) if they'll agree to walk you through the process of closing on it/selling it.

Michael, if house hacking Jersey City is your goal you may want to look beyond the numbers.

Then join a local REI group and begin using this formula to overcome your fear of the unknown....Definite Goal/Plans + Faith + Emotion + Action  = All Human AccomplishmentFaith = Knowing you can accomplish your goal / Self ConfidenceEmotion = Feeling you can accomplish your goal / objectiveIf you feel that you are deficient in any element, focus on working on that until you feel you're ready to take action.I wish you the best.

Figure out what your goals are and then figure out what strategies you wish to employ.