I have about $10k to put towards a down-payment and an increasing variety of loan program options from some first time homebuyer grants (duplex eligible) as well as a mission-driven hard money lending program that's focused on getting locals to undertake scattered-site rehab and to curb gentrification from outside investment and yuppie tenants; then there's FHA 203k which I've heard can be alot to manage for a first-timer.

This is particularly true when using a property management company or undertaking renovations.Property managers will lower their cost of onsite management the more units that you have, even better if they’re in a more condensed area (as opposed to 100 SFHs spread throughout town).

100k can't add a level anywhere in New Jersey most likely and it's a big undertaking with slow permitting and high building costs right now.

Think about an investment plan for the real estate property you want to purchase: you can venture into improvements on the property which means that you’ll buy the property, undertake the necessary upgrades and renovations, transform it into a desirable property for a profit.

Many people try to do large undertakings like this and most fail. 

We've taken it from a grandma cabin to a gorgeous, private retreat by refurnishing, redecorating, and renovating the house.

I am trying to get a sense for what is involved in undertaking a project like this in either of these markets, and whether or not it still makes sense in today's economic environment. 

If so, consider your reasons for starting with such a large undertaking.

So I made a major investment in my business last year, I bought a shop which in Philadelphia is not a cheap undertaking, and I made a few other investments back into the business as well.

The damages are far beyond what we're comfortable undertaking.