Especially if it is in NJ which would take FOREVER to foreclose and typically lenders will try and go through federal court to get it done. 

Typical property management companies take about 25% for STRs.  

Typically those offerings are loaded with fees and a structure whereas the sponsor makes all the money and has zero risk.

Financing- Always start with a construction loan. 

I always used an S-Corp for Construction companies and LLCs for RE holdings only.

A typical multifamily consists of 6 beds with an upper and lower unit, and market rent is typically anywhere from 12-1600/month/floor depending on area and condition of property.

It’s too much work.For instance, This property was bought for $5,000 (Five Thousand Dollars).Click on images to enlarge Purchase & Sale Agreement (many more examples available).This is an example of how the numbers workThere are hundreds of people doing these every day around the country.My experience is the best place to focus on these are the typical places.

In the past year only 3 other houses have been sold in the neighborhood 2 were distressed and one was a 2022 new construction.

We have considered new construction several times, but found it much more cost effective and a better ROI to improve existing buildings instead. 

Typically I am a flipper but have done buy and hold.