There is also Private Money Lenders that can currently make more off your deals than a Bank savings percentage on their balance.

Its a balance between having it look nice and be appealing but not have a long vacancy period

When we identify a problem (for example: a fire hazard in the electrical panel) we'll recommend a specialist (an electrician) to fully evaluate the problem and prescribe the most appropriate fix.Back to your specific question:  if the basement walls and ceilings are covered it will be difficult for anyone (including a structural engineer) to evaluate for structural issues. 

North Jersey is a tough market but with time you'll find it is not as difficult as it first appears.

If you are in many states, this can be slightly more difficult, but there are several options out there.

Your initial balance sheet should look something like thisAssetNote receivable - $10,000EquityDavid Hite - $10,000When you get the payments from the debtor - you will record a portion of the payment as payback of principal and a portion as interestCash - $100     Interest income - $10     Note Receivable - $90There can be an additional layer of complexity if you factor in the account "discount on note receivable" but the above is a good starting point.

Large companies do this with reverse mortgages, but I think it would be much more difficult for a smaller investor, because you could be waiting 20 years or more before you acquired the property, while paying for it the whole time.

(Not exactly sure if that's what it's called in this situation) there may have been damages the original owner is trying to balance out.

The fact is that good flips are getting very difficult to find for those of us that do it all the time.   

Just a warning though, in my area duplexes are often held extremely long and rarely sold, finding good duplex comps to compare is difficult in some areas.