Our lawyer suggests 3 properties per LLC and keep them around the same value.

Cash flow would spread that out over a certain period.For yourself, it depends on how much cash you want to offer.As an example, if the owner is open to suggestions, you could offer 10%-20% down with 6% amortized over 30 years with a balloon payment at year 5.

As the title suggests, I am new to long distance real estate investing.

I think that's going to be tough for you ... there's plenty of great deals out where you live now I would suggest becoming an expert there ... or staying in Bergen County. 

If the property does need work and you are able to refi 70% ltv I will suggest partnering up with someone experienced and getting a hard money lender for this process. 

I would suggest that you tell the tenants it will then take 8 weeks .

It is imperative that you maintain control of your own project costs and hold the majority of the leverage, which is why I would suggest holding back 5-10% retention on each milestone payment until project completion.

Thank you all in advance for your suggestions and input!

What are you're suggestions to make it a better cash flow?

I am based about an hour south of Lexington Ky & looking for REIA groups / meetups in Lexington or Richmond area, any suggestions?