Too many people buy a mop and bucket and then call themselves cleaners.

What you do after you buy the house and which room or area you occupy is your decision at that time.If you mention to the Bank/lender that you plan on living in the basement for example or an ADU they can deny the loan.

If I were to buy a somewhat distressed home, obviously renovations would add to that.

That doesn't mean there is no value in buying a boot camp.My underlying question is, what's really the value of me paying? 

We’d like to buy their property from them, but cannot reach them.

I want to save up and buy my first property but idk what the best way to save that money is.

But I am very much so a buy and hold investor.

Ali,When planning to buy in NJ the biggest thing I would tell you is to plan/research for the closing costs.

If I were to buy it, would I have to apply for the license with the city, or is the license for the property and not the owner?

Investment Info:Other buy & hold investment.