I am very familiar with Northern NJ specifically, but invest in cash-flow producing multifamily rentals in Hudson County and currently have one in Bayonne.

If these high risk properties are owned and managed by capable, experienced staff they could produce a high cash flow. 

Hosted and produced a weekly cable program.

Nor does creating a sale necessarily produce a profit.While the sale price and maybe even market value may be created at the execution of the contract (although if Nicholas is the only one willing to pay a ridiculous price for the property I wonder if he really represents the market), Equity and profit, which Nicholas' and his end buyer seek, isn't necessarily.

With just his experience, that may give you a financing option.Many mf seller financed deals are financed knowing what the project can produce allowing little for profit and putting you in a property management position relying on appreciation, which may not cut it in 5 years to refi at 70/75%.

Best known for his research that produced the S&P/Case-Shiller house price indices for the U.S., Robert Shiller was one of the first to identify the real estate bubble before the crisis.

This means your on the wrong side of zero.For a leveraged facility to produce appreciable positive cash flow, you need the cap rate to exceed the interest rate on your debt.

Its all about my ten year goal of building a nice monthly income stream that investing 1.2 million will never produce in that same time frame.Any thought - suggestions - blueprints of what you have done???

Every so often a "motivated seller" deal worth calling on.What I have learned from a large number of Investors around this area is that the MLS is not producing near as many deals lately either.

Bob, It seems strange to me that your father would leave you and your brother a free and clear, income producing property but leave your mother saddled with a 380K debt with no way to pay for it, so I'm assuming she has a monthly income or savings that will support the current mortgage?