However, if all you need is the knowledge to undertake REI; then Lifestyles Unlimited will give you the map, confidence and mentoring that you need.I am not paid by LU. 

Building Codes and Permits: Insights on navigating local building codes and securing permits for this type of conversion would be incredibly helpful.Potential Pitfalls: Are there any common issues or unforeseen challenges I should be aware of when undertaking a project like this?

Normally finding general contractors within a large city is not a difficult undertaking; however, we were trying to obtain this property shortly after Hurricane Ida had destroyed the city and the country was just coming out of the pandemic.

However, your spouse could potentially qualify if they manage your properties or undertakes substantial renovation projects, allowing for more aggressive tax strategies such as accelerating depreciation.Another way to get passive losses is through Cost Segregation.

Subject to is not a “do it yourself” undertaking.  

Regulatory Challenges: What are the potential regulatory challenges I might face in undertaking such a project in New Jersey?

As a broker in the transaction, you’d want the principal party you represent to sign waivers acknowledging their understanding of the significant risks they’re undertaking.  

What happens if you undertake the renovation and management and then the seller decides not to sell the building even if there is a contract?

Upon receiptof such notice, Owner will promptly notifiy Agent whether Owner will undertake the defense.

Would appreciate feedback on the following activities that I personally undertake.