I'm not sure if this is a local thing or if it's common in all markets.

You have to cover increased utility costs.

More commonly, a Revocable Living Trust ensures your assets are passed to a trustee upon death.

One of the methods I plan to utilize is to list the space on craigslist.

Ideally, I'd like to find a balance between affordability and potential for appreciation.Also, are there any common pitfalls or things to watch out for when buying a multi-family property in Jersey City?

Cash for keys is common, and frequently the part that keeps tenants from moving forward is not having an affordable place to go to.

I recommend educating yourself as best you can to avoid some common mistakes.

Rent on a 4 bedroom place may be $5000 monthly ($12,000 in Manhattan); rent it by the bedroom for $1500 per bedroom with access to all common areas.  

-As far as trying to sell land with no access, sometimes I've sold those to neighbors who want to increase their acreage, or utility companies, cities or other public entities who could use the piece for whatever reason.

It will show the rent amounts, who pays utilities and expenses they know annually.