My question is, how would we divide the profits? 

Take the lowest comp in the area, - (retail cost repairs) - resonable profit = purchase priceprovide a list of repairs and what those costs are.  

Bergen county has a lot more open space, so there is a lot of larger scale development going on there, but it takes months to years and years to get approvals, so there seems like less going on, but the market really is not stagnant at all. 

Maybe they are viable with higher-grade properties with larger margins.Also look too Twin Oaks Really.

Our goal is to substitute a little lost income at retirement by renting a few single family homes until we can switch to a larger complex with multiple units.

Your profit numbers don't change, right?...

After you look at Zillow/Craigslist, I would recommend running the numbers on the BP Rental Property calculator to see what kind of profit/ROI they would be getting on the property. 

(Sadly, but true, for now).Another potential is to convert the property into a restaurant location and sell it right away with a profit.

I'm not looking to profiteer, but I could see a benefit to moving down and working with a contractor company just to meet the inevitable incoming demand (I have little experience, but want to learn), and I imagine there will be a whole new market of available properties to flip.

I'm 26 years old with a full time job and want to start investing on the side until I grow my portfolio and profIts enough to be able to Invest full time.