A common theme I've sensed is that management is extremely important.

I believe it appraised without issue.

All of Northeast has their issues with the LL/Tenant laws, but NJ is probably the more favorable. 

If the goal is to "just get it done," and there are residential realtors involved that think closing in 21 days matters (in the SFR world, it does), then this honestly may be the best route.A true commercial loan will have an interest rate on-par with a 30YF primary residence SFR rate, but rather than being a 30YF, it'll be fixed for 5-7 years, and then you have to pay the mortgage off entirely, most commonly by refinancing. 30 year amortization may still be in play.

Common additional apps are things like Receipt Bank or Hubdoc for receipts.

This is quite common. 

The issue from my perspective is that the contract is unsecured.

There is no way I can install skylight  Some sun tubes can be routed, look em up  https://www.homedepot.com/p/VELUX-14-in-Acrylic-Dome-Sun-Tun...This is 1 of the more common ones, there may be others IDK.

Do you have issues with payment reader? 

If the property appraises for $100k, you can refinance $75k (75% LTV is common for a refi) and get all the money back to start over. 2.