Note: If the tenant chooses not to pay the rent increase he should continue to pay the regular rent and be prepared to pay the full amount of the rent increase if the court rules in the landlord’s favor. 

Please click on the links, give them a read, and share your thoughts in the comments.First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp The second is a post that will help get you focused with your real estate investing goals:https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciatedThe last one is a post that will help you choose an “investor friendly” real estate agent.

Hello all, I am currently residing in central NJ, and as most people know the the market in my neighborhood is a little tougher to get into than most when you don't have a significant amount of cash laying around to invest. 

He said the cost of the Phase 2 assessment is $6K and the buyer would need to pay the entire amount. 

There are a fair amount of people spending a decent amount of money monthly, to market for properties in Chatt. 

Like Josiah already mentioned you would lose a considerable amount of money if you keep the rent below market value. 

Possibly even do a cash for keys scenario where you give them a dollar amount to move and take the personal property and trash with them and leave the property in broom swept condition. 

Does it make sense financailly to reinstate and keep the property with the current amount owed vs what it is currently worth?

I might be slightly off with the dollar amounts, since it goes up every year and I joined a few years ago, but it's in that ballpark. 

Run it as a rental property and make the numbers work and if you like how the deal looks then offer the amount you feel will work.