I would be very concerned that they didn't really have the cash up front to handle the move, given that that I believe the laws in NJ are more tenant friendly if they continue to be a problem and an eviction is warranted eventually.  

I'm kind of freaking out, since I don't have time to 1, look for a different deal, or 2 hope that tenant in the unit I want to move in will go without a fight.The current property manager said the tenant has been a good tenant, and he thinks that he will leave without issue, but I'm not going to just hope that he's right, as court costs will be a lot, I will have no where to live, and the cash I'll have left over from this deal will be needed for repairs for this property to cashflow.Any suggestions??? 

Regarding your concerns about lawsuits, my opinion is that it would be sufficient to just disclose. 

Yes you can take the cash flow out as distribution, just be sure to leave enough cash for reserves. 

The amount of time it will take to evaluate the deal, find people with knowledge of the area, and consider your options with the property will leave you exhausted.

The ones who, when you leave their presence you just feel drained.

I moved to Florida a little over a year ago, I bought my first (and only) house about 4 months ago.I am highly motivated to start in the real estate filed.There is one problem- MONEY.Right now I'm trying to save money to invest in a second home.Every morning I wake up to a 9-5 job, stare at the computer all day,and I feel like I can do so much more.I know how to work with my hands, and I renovate in my free time.I would love to work in this field and to learn the profession.If anyone is interested in mentoring a young and motivated guy, please leave a message here.Thanks!

The property is worth about $280k and I owe $178k.So my question for you is would you:A) Cash out refinance the property, shed the PMI, but have a higher interest rate-Or-B) Pull a HELOC out on the property and use that cash to fund another property, leaving the interest rate where it is on the mortgage, but also leaving the PMI on the property?

I'm also concerned about jumping from owning 1 SFR to doing a 4plex new build.

Feel free to say "Hi" connect, or leave some helpful tips.