Seems to keep valuations pretty fair or you can agree on another valuation method.

I didn't account for property management, as I'm fairly confident in my organizational skills, free time and availability that I can handle that at least for a small, first unit.

2 the market is fairly saturated for furnished rentals up there so competition will be high. 

Look to ensure that its value would increase by lots more than the cost of fixing it!

As far as the inspector that came out he was fairly nice and VERY fair.

to originate loans for you to ensure that you're in compliance with the CFPB and Dodd Frank when lending to owner occupants.

Fairly new to BP and have a question for those who may be familiar with converting a Legal 2 family (multi-family) home to a Legal 3 family home.Does anyone know what is the process for doing this conversion in NJ (Jersey City) to be specific?

I'm looking for guidance to the steps to take BEFORE I buy to ensure that I would be able to do those additions.

Realize this is the historical norm and if the future behaves similar to the aggregate of the last 60 years this is by far the most likely scenario.Property is fairly stable: Tenant purchases and has some of the rent applied to the purchase. 

Pick a certain percentage of yourTo answer you, we do already have some investment rentals that are doing fairly well (handed off to PMs now), we had used house-hacking methods to get these going and did fairly well.