I am looking for a minimum of 20k profit with a 4 1/2 month total time to flip.

Total balance is about 173k, property is worth about $200k.  

Total water usage was close to 69,000 gallons for September.  

Either hire an Attorney to do it or you can go online with the state and file it all your self: https://www.nj.gov/njbusiness/registration/you will also have to get a FEIN number as well, which can also be done online.: https://www.irs.gov/businesses/small-businesses-se...and you can get an llc formation book/ binder ( usually i get the 1st one - #6) here: https://www.mburrkeim.com/outfits/compact.htm

With commercial land brokers commission agreements typically run about 8 to 10% total depending on the project size.    

There were some much more restrictive measures debated such as limiting the total number of STR permits in the city that thankfully did not pass at this time. 

Totaling to about 1000 properties altogether.

Thanks Mihir, I was wondering if I could find those actual numbers online instead of through the seller or the seller's agent. 

Any advice is much appreciated.Purchase price: $420K4-Units - All 3 bedroom 2 bathroomAnnual Operating Income (rent): $42,840Current Annual Operating Expense (Water/Trash, tenants pay utilities): $2,400Down: 20%Points: 1.35 (to keep the rate @5%) Rate: 5%Total Aquisition costs (includes closing, appraisal, inspections): $99,350Mortgage (P&I): $1804Property Taxes: $5,212Insurance: $2,058

This requires that 75% of the future, market rents (after renovation) of all units meets or exceeds the total housing payment.