They have the option (but not the requirement.) to buy the property in 2-3-5 years for price x or forfeit their option money. 

There is a book you can buy with it that basically recommends doing 30 minutes a day and that's a enough to really get in a heck into shape.

Once you have that you can qualify for a low money down loan and buy a double. 

VA construction loans, the VA does guarantee loans to buy and renovate existing property.

I plan on buying at least a couple other 2-3 unit properties in the area (Newark, Jersey City, East Orange) over the next 2 years, so it will be great have a contact.

Any of these deals thats a 5 figure buy in and a split you have to think twice about.

I found commercial building on LoopNet and want to explore buying it. 

If you buy a turnkey property you have very little chance to force appreciation  so you have to wait and pray for values to increase (not good).When you run your numbers in AC remember to leave wiggle room for flood insurance most of AC needs it and increase your turn over budget for when tenants move out. 

After buying, manage the property.

I hear many recommend to 'consider' LLC after buying more than one properties, not the first and only property.Isn't there a yearly cost to maintain LLC?