Your housing systems: heat, electric, water, structure should all be functioning correctly - check those.

Owner pays water  Owner is saying to be be tired to take care of it.

Nothing personal is allowed there, so it cannot be a kitchen table or your living room where kids play games.

Do you have $10K to bring to the table in order to refi, PLUS have money for the next down payment? 

@Patrick Menefee  Another point to mention, make sure to include at least the following, when determining the total return: Principal paydown (use an amortization table.. you can find a million on Google) or forced equity/appreciation of investment.Rent Cash Flow (CF) after payments/taxes/insurance.Tax Shield (if you are a higher income earner, this can also be something as well).  

Bought a 1st floor unit in FL at the auction and there is massive mold and water damage from a water leak from a 3rd floor unit.

From a rookie standpoint its been a lot of uncharted water going after a commercial property in another state, even if it is under $200k.

@Vanessa Hernandez anyone on BiggerPockets who puts out a blanket statement that NJ taxes are high in my opinion are not looking at the overall picture of what NJ income properties can bring to the table. 

@Melissa GuntherProperty #1 we owe $110000, value $380000Property #2 we owe $183000, value $300000Total mortgage per $2583 for bothIf we cash out equity on #1 we could pay off #2 and pay $1960 for both but we would have to pay about $5000 in closing costs and bring $10000 to the table because we can only cash out 75%.

They do bring a lot of value to the table for inexperienced investors.