Our issue is finding banks that will refinance properties held in LLC that also have favorable terms.

We as landlords need nore favorable laws in order to have any chance of collecting any of the back rent that will be owed.

If you plan on living in one unit for a year after closing, you could qualify for the more favorable owner-occupied loan terms on it.Julee

Would you say that you personally are never in favor of purchasing a condo in a BRRRR, or buy and hold situation?

In my experience, FHA loans have more strict requirements for the home and generally offer less favorable loan options than conventional loans.

He said there may still be some loopholes in the tenants favor and you could have issues getting a judge to rule in your favor if the tenant shows loss of income or inability to pay. 

Is the ROI or equity gain favorable to convert the garage into a small one bedroom?

Laws are very favorable to tenants in NJ.

The property is very attractive for investors because it beats the 1% rule, is in a prime location, needs minimal rehab, and the market trends are all extremely favorable towards this property.

The price point is very favorable and the seller is very motivated to sell.