This will vary by state and I hear NJ has some crazy property tax rules, so you may be correct, but I still would double-check that number.Other than that, your post-refi numbers look good, and your rehab time seems short, but if you're sure it will only take a month I don't see a reason to change that.If the numbers work out after making the adjustments, this might be worth pursuing.Good luck!

My tenants want a water softener and I'm going to work out a deal where they will pay the monthly financing for the system if I pay the downpayment and the installation fee.

@Gohar Shafiq this seems like it's going to work out big time for you.

They will either reach out to you and work out a payment plan, or - 2. 

And did it work out?

Ideally, would like someone who can do everything for a reasonable flat price or package, barring any work out of the ordinary.Need help with drafting a purchase agreement, tease apart the NN lease and environmental studies, and facilitate closing etc.

Keep us posted, interested to hear how things work out. 

They will work out to good investments but compared to my MF holdings (about 1,100 units), they are incredibly more hands on and time intensive, and don't cash flow as well.

I hope other landlords do the right thing and work out payment issues if they arise.

After some thought, we figured we would offer to just buy it from him, with the idea in mind that we could supplement much of our mortgage with the detached guest house.After lots of conversations with a lender, I was pre-approved for the ~$300K the owner wants, and I was able to work out a Conventional loan with 5% down, owners pays 3% towards closing costs (he’s a good guy and agreed).