Knee pads and respirators are essential. 

I guess that's probably obvious.This is the second phase of the project, so there is some proof of concept in pricing, demand, absorption, etc. as well as some lessons learned in the construction that should improve efficiencies (essentially building more of the same plans).The developer is 20 year friend. 

From there, you test things out and make adjustments and additions as needs arise.This way of creating a large business model is popular these days because:It costs less to start out.You learn from mistakes and issues as you go so you won't waste money on things you thought were a good idea but didn't work out like you thought they would.You get input from the users of your service along the way essentially letting them help you create what they really want which leads to great customer reviews, etc.That's what we did when we started our online comps service.

These floors are damaged as soon as the movers bring the furniture in the house because they are essentially press-board with a coating on the top.

Hi @Steven Betz, I agree with @Joseph ODonovan that you are generally able to form an LLC yourself, but I would suggest forming the LLC in New Jersey (you'll likely legally be required to "register" in NJ, even if you form the LLC elsewhere, which is essentially double fees/taxes). 

Can I keep the sale price the original offered amount, and get a cash concession at closing, so I'm essentially walking away from the closing with the money in hand to pay for the repairs? 

In this scenario, sure the owner makes a bunch for essentially financing it for you but you're not plunking 25% down up front and the paying big interest only payments each month.

Besides, if I can borrow everything (25% from line of credit and 75% from portfolio lender) for the MF, that is essentially "no money down" and my return in infinite. 

You could offer the tenants "cash for keys", essentially pay them to leave early before their lease is up. 

Have them recommend a routine maintenance schedule, advice you on existing issues, and give you an idea of what might happen in the future based on the systems you have.On wells, you will essentially follow the same steps but you will be using a plumber.