Does anyone have experience offering paid laundry (coin/ credit card at the machine) to multi-family tenants?

Higher income or credit requirements?

I see with this with a lot of local banks or credit unions.The Banker should have walked you through the basics on County loan limts versus Jumbo &  High balance.

During this waiting period, consider house hacking, where you live in a multi-unit property and rent out the extra space for additional income.

Additionally, you are correct about the potential appreciation of a condo in this environment. 

On your profile put your location. 1-Get a great Realtor. 2-Get a great Contractor3- look at properties. 4-Save your down payment money 5- Get your credit rating cleaned up.

If it does, you can apply to assume the loan on your own credit, income and debt ratio.

In addition, you need to know the current Legal Rents in the records of HCR (DHCR) for each apartment as they will be rents that you will most likely be stuck with and you will not have the ability to increase rents to cover Rehab or your investment.

However, for a landlord who has things together, they are better off budgeting for capital expenses and maintenance and having some reserves either in the form on savings or even an open line of credit to access in case a significant issue arises.

I have a primary residence in NJ that has equity, I have liquid cash around $50k, and my credit score is 740.