We turned it off and made a note of it in the inspection.

The only thing I wouldn't know is whether my agent's brokerage is in the dark.I appreciate your input, Kevin.Yes, then in my opinion it sounds like you are still under contract.If there was a time-frame to submit the EMD, then that could give the seller the OPTION to terminate the contract, but that should have happened in writing and you would know about it.

I am not sure if I should pay off my mortgage of $270,000 at 6.5% or should I do a 1031 exchange and invest in a rental property. 

@Robert ThompsonI don't think property value are 'low' right now, but lots of us are still buying.In order of easy to hard you can: look on the MLS; connect with wholesalers and others who source off market deals; and reach out to sellers / market yourself.If you can though, start with a house hack or live in flip instead. 

Are there any local hidden Taxes I need to be aware of?

We have older ceiling tiles, so when each star was removed it tore off the surface of the tile.

I am an agent in Hudson and Bergen County and I source off market deals to developers, especially in Jersey City area.

I’ve worked in the RE industry in the past so I’m no stranger to it, though I’m not an agent.My general approach is to 1) get pre-approved on FHA loan and 2) work with an agent to find off-market deals willing to work with FHA process.Open to any advice, but here’s some specific questions:Advice on general approach?

@Nick WehrleyTalk to your cpa - it may matter if it’s a single member LLC or multi member etc as well as if you were taking depreciation on it and how have you treated it tax wise in the pastNot a cpa nor pretend to be one but a lot of unknowns that you should review with your accountant

The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!