It's hard to do the numbers, since there are several unknowns. 

In Texas, HOA's have a fair amount of power and I would suspect your friend is going to have a hard time winning that battle.

Those who are familiar with the area know that single-family houses with a driveway are hard to come by in Hoboken.

Although I haven't done a commercial deal yet, from what I've heard and read I think you'll have a hard time finding a commercial lender willing to hold a loan for 30 years.

Like I said right now I'm studying hard and reading the new book from here that was just put out and getting advice from you guys.

I'm looking for referrals for "investor friendly agents", however all I'm really looking for is a hard working honest agent.

Even sophisticated folks rely, at best, on databases like CoStar and REIS which hardly provide any big data analytics.

I know there are hard money loans that will.

You can get a Hard Money Loan until you can provide two years of solid earnings. 

It's best to do this before closing so you don't buy the property and then have to work hard to get someone out.If nobody is on a month-to-month, talk to the tenants and see if any of them want to break their lease willingly.