I was reacting to your comment that you would struggle to finance this deal and that the value of the building is between 2.4 and 3.5$M..if you could buy-out the partner maybe financing through hard-lenders at the lower evaluation and then work with your mother and aunt to sell at the higher price that could be a great way to "flip" the property and then reinvest in a smaller property yourself.There are a couple of watchouts, including the fact that Hoboken is a declining market (at least according to Zillow and my personal observations) and that hard lending is a more expensive way of financing, but if you can make it work it could be a very lucrative flip and it would leave you with the cash needed to invest in another property somewhere else...Hoboken, similarly to all the NYC area, is very expensive and tough to have a good cash flow

I suggest talking to a local broker, there are many reasons I set up a brokerage instead of continuing to manage a team inside of a bank or "direct lender", but mostly it comes down to being able to offer better rates/fees, a more diverse product line, and ensuring more control over the process because I can take my business elsewhere if underwriting turn times hit the ceiling or other service issues arise. 

If I was more convinced of the "reliability" I may have done it.and I would consider again in a more competitive/affluent market!

Fairly new and financing options have been a more complex concept to grasp!

My partner is very into vacation rentals in Florida, but he has a more short-term outlook than I do.

Should I wait to move to a more affordable state which would probably be in 3 years if I decided to do that or not waste time or rent money and just purchase a home here?

I'll definitely check out the podcast when I find a more stable internet connection. 

Ultimately, this may work best because it will give you the freedom to rehab the property, stabilize it and then convert to a more tradition mortgage.

You definitely want to have conversations with lenders about the refi well ahead of time so you know what is needed.you'll want to ask about seasoning, dti, and rental income helping qualify you for the loan.There are some lenders in commercial or HML space that can help with a refi and not have to look at dti, but usually they are a more expensive but it can still work in right deal.

So his strategy of selling and repositioning for better, more secure, and more passive cash NOI is probably a more appropriate strategy than a brrr at this point in that market.