Hey Jason, thanks for taking time out of your busy schedule to give me some knowledgeable advice about this topic.all I need now is to know how to keep my attorney fee's down when creating these contracts lol, which I would like for my lawyer to draft so that way i'm well protected at an advantage (my lawyer charges $320 an hour, thats why I'm concerned about this issue).

Also......there are NO properties in the same city going for this price that are even in "rehab" condition.

The least houses go for in horrible condition around here is $140 000.

Check with a real estate lawyer in your state, but remember, a lawyers job is to keep you out of the grey areas.

Since there are no realtors involved, you don't need the clauses that protect them.Having a lawyer do it would be safest.Talk to folks at your REIA.

Depends on what you are able to put on the property as a down payment and the condition of the property.

From knowing the multi-family market units in North Jersey bldgs are selling for $60-80K per unit depending on age and condition.

The property is in "Tear Down Condition" so I'm assuming I have to do something with it along those lines.The area is definately a lower income/value area ,but is somewhat close to a neighborhood of high priced homes.The lot will be something like $500-$1000 at maximum with a home on the location.

A good lawyer is a must here.

One thing that zillow does not account for very well is condition and quality of a home when making comparisons to conclude a value.