Jersey City has become very trendy & hip (hipsters running amok) and perhaps steered many into their coffers.  

I have a game plan but I would really like running it by someone alittle smarter than me just to see if it is realistic or if someone tried doing this and had some tips.

You should be able to run circles around other conventional loan investors, and even many cash buyers, who have to figure property taxes into their numbers.

I know location plays a huge part in the equation, I am just trying to make sure when I run numbers I know if my deal is good or not.

In fact, if insurance carriers found out that you are renting, you may run the risk of getting dropped from your policy or having a claim denied - see the AirBNB forum below:https://community.withairbnb.com/t5/forums/v3_1/fo...I am independent insurance agent serving Alabama and I'd be happy to help you navigate this process.

The good thing is that once the gutting is done and the handful of flood claims are done (most people didn't have insurance or adequate coverage) prices will be back to normal because people without insurance don't have anyone willing to pay 5/10x the labor cost for them.We were lucky in that our HVAC units worked at the rentals so we've been running those and fans.  

When I run numbers on these home I always increase my numbers by 15% and add in an extra contingency allowance. 

The HELOC gives you lots of flexibility without rushing you into a deal (every second your money sits in the bank, you're losing ROI).I have a $110k HELOC that I keep in reserve for when my liquid cash runs dry.  

But a reverse improvement exchange will run you $4000 - $5000 more than a regular exchange.  

Maybe even less if the plans can be value engineered upfront.