The N/E (NJ,NY CT & Mass) have stringent building codes compared to other areas of the country, that might have something to do with the differences of our opinions.

Normally, you need an LLC with 2 years of tax returns on its business to buy in an LLC or transfer to, unless you are refinancing into a DSCR loan or something like that.

Heard that Home Depot has something but I've yet to find it anywhere.

Buying something turnkey and local that you can self-manage is going to be an easier way to get your foot in the door compared to buying something out of state.

Hello Amy, I am going to use a quote from Brandon Turner (he may have stole in from someone else) It's better to choose something than to do nothing at all.

We have our own capital to put up but nothing like that.Hoping this goes out to some other investors and we could get the ball rolling on something.

Personally I don't care of someone got permits to do something. 

In which case you may be better off cutting bait and doing something on your own rather than waiting for them to make more mistakes.On the other hand I'm curious how they are going to pay you off with such a great return if they are under performing?

Currently I am just researching to find out if this something I would like to pursue.

So, I wouldn't say its something to avoid so long as you are able and willing to deal with it and of course get a good deal on the purchase.