Baring any major unforeseen issues would allow for a bigger profit on a flip.  

The formula is used to determine your Max Allowable Offer or MAO to the seller.  

Unless, you plan correctly with a exit strategy that would allow you to convert with zoning each unit into a condo and thereby selling them one off at condo FMV.

Signing under the personal name allows for piercing of the viel.  

My thought process was that posting on the MLS would allow for me to attract clients that are a bit more serious about buying.

This allows the buyer to purchase at the strike price on (or before) the specified date.

Any contractors/investors know if the NJ building codes allow for 1 four bedroom septic to run a 2 family home?

This means that before a potential buyer is allowed to enter negotiations, and certainly before sensitive financial information is released, the seller and or his agent will want to be convinced that the buyer has the ability and willingness to complete a purchase.  

I would think you could foreclose on a promissory note if the note allowed for that.

Since you are living in Hawaii, turnkey allows you to invest in multiple markets and have your investments managed for you.