@Dalwin Garcia Rent control in Passaic applies to much any investment property except: single family home, single condo/coops, owner-occupied 2-family and new construction.

., it sounds like a decent deal to me except for the $0 cash flow for the first five years.  

There is no by-right exception to this, but if all your neighbors have smaller rear yards, you can appeal for a variance and it usually goes through (but I'm not a zoning lawyer so don't take my word for it). 

., I have very limited experience on this particular subject, but secured liens are NOT subject to discharge in a bankruptcy except in very limited cram down situations. 

Your girlfriend got excepted into NSU which is in Davie.  

If these are brand new homes.. repairs should be minimal except for wear and tear from the tenants.  

They can simply continue their negotiations, or sue each other.If the mortgage was originated on or after January 1, 2016, then everything above is the same EXCEPT for the time limits for redemption.  

As just a few small examples:You can "flip" a stock that is undervalued (except instead of hiring contractors to improve the property, you're relying on your assessment of management's ability to do so).

We did that on a few properties and you can't tell a bit of difference except about 1/2" of ceiling height. 

@John Jacobs exceptions are written into the Dodd-Frank act to accommodate owner financed transactions.