Do you have any suggestions on how to educate myself before jumping in to purchase something and then being hit with fees or extra expenses I'm not prepared for?

As for expenses, since I don't have real numbers I just used 30% of Gross Income. 

I am looking to pick up some apartment buildings in Newark, NJ and would like to immediately re-position each building by managing the expense side. 

Last but not least, generally speaking HML is expensive.

Maybe offer some help with moving expenses or guarantee a full refund deposit if they're out by a certain date.

It's not that expensive and it helps maintain the property and eliminates complaints from my tenants 

Assuming a 6 month, 100% loan for the purchase price at 11% per year plus 2 points, as well as 15% interest for the full rehab, here is an estimated P&L:Don't mislead yourself by focusing on the spread between the purchase price and ARV, as many new to the business seem to do, ignoring all expenses.

Late January, we get it rented out again.Between the process of eviction and the slowdown due to the holidays, it seems entirely possible that we'd miss out on 3-4 months rent by going with scenario 2, not to mention the expense and hassle of the eviction itself. 

Total cash flow after expenses is $9200/yr.Would YOU:A.

Some things I would advise on would be to saving for expenses like CapEx and Vacancy.