So my question is since this is my first time doing this type of transaction; what are the risk involved?

If a dual agency is going to be established, it needs to be disclosed to all parties involved, and each party would need to agree in writing to the new relationship, and limitations that come with it.When you are dealing with a Realtor of integrity, none of these situations present issues. 

@Sundri KhalsaMay investors find it more difficult to cash-flow with a condo because they may potentially have high monthly fees.In general it is hard to cash-flow in areas of close proximity to NYC.However, I find it hard to believe that a Condo is selling for as low as $270,000 in Jersey City.It is in the west-outskirts of Jersey city towards Journal Square?

If there is a bank loan involved then no. 

I'm happy to be part of this community and I hope this will be a great learning experience for everyone involved! 

Just had an appraisal done on a property and the square footage came in 587 square feet under what the tax records list.Still appraised for the full asking price at the lowered square footage.

I think you’d all agree it goes without saying that there is some time and work involved.

I'm aware that "re-training" (as @Brandon Turner would say) will be part of the work involved in getting this property churning at full efficiency, however I think I have more important decisions to make (see below). 

This is our first time doing this so it’s learning curve involved for us.

Tuftex UltraVinyl Corrugated Square Wave Panel) to cover it up (both vertically and horizontally - same height as the roof), so that it would still keep the sunlight in.