In order to do this I will have my team in place to take care of the tenant issues or repairs needed like, plumbing, AC, electrical and handyman ready in case of any issues with one of our rental properties. 

Then there's typically expenses like lawn maintenance, snowplowing, common area electric costs, the water bill and garbage pick up. 

You will use the same percentage split to determine how other household expenses are split (water, gas, electric bills, etc).

Being a millionaire isn't really a big deal, because it doesn't have the buying power it had 50 or 100 years ago.

., some units have already been upgraded and are achieving rent increases)Experienced team, particularly the project management teamMultiple exit strategiesThe budget for renovations and capital expenditures is raised upfront, rather than through cash flowValue-add investments can be powerful vehicles of wealth, but they also come with serious risks.

On a larger park, I would recommend a formal cost segregation study for this, but an 8 unit park is too small for that to make sense, so you can also assign a value in the bill of sale to include:Landscaping shrubbery & trees: 35 mature trees approx. 20’ tall each, pool equipment, roads: XXX square yards of asphalt paving, sidewalk and curbing, electrical pedestals, concrete pads, underground utilities for electric, sewer or septic, pool, clubhouse, etc. 

Leverage (debt) is very powerful, it can make a person very wealthy over time, but it can also make you very poor very quickly if you over leverage yourself.

I agree with everything Zorya said, a few other thoughts:-I assume the 290 for utilities is just to cover the cost of water, common area and bins and then tenants cover their own electricity?

@David SawallischWhat did the lenders say is your buying power?

I've went through a pre-approval from different lenders and it looks like I'm eligible to purchase up to 760-780k depending on the property that I buy.My gross income is about 119k / FICO 750-770 / paying student loan $560/moI'm looking for an advice to purchase a property in Bergen County, NJ - specifically leaning into Fort Lee & surrounding areas.I prefer to purchase a multifamily property but it looks like my purchasing power is a bit out of a reach in Fort Lee.I'm also starting to learn that Fort Lee is not a good rental investment area with my purchasing power.My main intention is to get somebody to live with me so it lowers my monthly payment, rather than creating a massive cash flow or return ATM.So I'm also open to buy a single family house that can have a solid layout for a room or basement rent.The fact of the matter is, I'm really not sure about the housing market in Bergen County and NJ in general so please give me a tip/info/advice!