I would like to do a double closing, but I was told this is illegal in New Jersey.

I have a triplex with two one bedroom units in it.

I believe that it is a good bedroom community.

I bought two small two bedroom homes from a long time family friend to get started at the end of 2012.I also own a property my dad lives in.

Transactional funding is generally for less than a day, used primarily for double closings.

I would love some advice and feedback on this plan.Looking to buy my first property at least a 2 bedroom condo or SFH for about $50,000.

Getting inspections are a good first step to double checking value.

It already has a back entrance into the basement so I was looking at turning the basement into an 1 bedroom apartment.So my question is should I split the utilities?

Everything except the bedrooms/closets will have carpet...Here are the measurements:MBR - 209sqft.MBR Closet - 31sqft.Bed1 - 112sqft.Closet - 14sqftBed2 - 119sqft.Closet - 14sqft.Bed3 - 132sqft.Closet - 23sqft.Kitchen/Dining Room/Front Door Area - 229sqft.Hallway/Living Room = 452sqft (Shouldn't need this number, but just in case...)Bath 1 - 21sqft.Bath 2 - 46sqft.MST Bath - 66sqft.Monetarily I broke down the flooring like this:Tiled areas = 362sqft * $5/sqft(material/labor) = $1,810 I rounded to $1,800flat as I know I over measured in places and $10 bucks isn't much.Carpet areas = 654sqft. * $2.8/sqft(material/labor) = $1831.20 I rounded to $1850 just cause it's a nice number.Okay, now here is my numbers that I was happy with when I finished:Total Flooring: $3,650Appliances (Fridge, Stove, Dishwasher) = $2,200Paint interior/exterior= $6,000Kitchen Cabinets/Granite Tops = $4,500Fixtures = $1,500Doors w/hardware 9 = $7653 toilets = $300Bath 1 Vanity = $200Bath 2 Vanity = $650MST Bath Vanity = $950Cabinet Hardware, Electrical Covers, Vent Screens, etc = $750Heat Furnace = $1,400Water Heater = $400Refridge A/C = $5,000Slider Closet Doors (3) = $285Misc. $1,000TOTAL = $29,550After I get this number, I add 10-12% to it.

Current house is a 2 bedroom/1 bath on 2+ acres and is worth about $130K, rent is $1000.