I work with many licensed folks who do just that, their message being basically "I can buy for this or list it for that" Even if you do not work the listing yourself, you should be able pass a listing to someone else, split commission and get paid legally.Now your task will be finding people who want or need to sell their property, triaging the best solution for each, make your offer and use the appropriate paper to get the job done.In this process, you'll come across those deals you can cherry pick for yourself once you determine your own buying strategy and holding criteria.Each step can be planned and executed according to your investment plan as @Amber Forkey suggested.Hope that helps

As you mentioned, the Board's role is not to determine your financial well being. 

You could physically tour the property to get an understanding of its complete condition and determine approximate rehab costs.

Make sure to provide yourself enough time for this potential deal1. determine if varied : tenant(s) purchasing properties unknown issue2. resell contract to an investor   ( owners occupied probably would need all cash )3.

Lot size: 9,365 House size: 760sqft (2bed 1 bath)Zoned: R2 for Duplex Owned Free and Clear Possibly have to fix foundationI have already contacted an architect to give me an idea about pricing but I had a few questions before I send him info. 1) how do I determine what size I would want the duplex to be. - based on other duplexes around?

We would determine a date for a balloon payment where I would refinance the property into my name.

My point is if you use initial cash flow as your primary criteria then you are ignoring a lot of the factors that determine the return on a long term buy and hold property. 

Could anyone assist with some ideas, strategies, and/or guidance around determining a property's square footage in New Jersey?

@Mark VesuThe way I would determine whether you would get a better return renovating is how much it would cost to renovate compared to how much you will be able to raise the rents. 

My goal by shadowing an investor, is to not only learn skills hands-on and grow my network, but determine what investment strategy best suits my financial status.