I think that's going to be tough for you ... there's plenty of great deals out where you live now I would suggest becoming an expert there ... or staying in Bergen County. 

If the property does need work and you are able to refi 70% ltv I will suggest partnering up with someone experienced and getting a hard money lender for this process. 

I would suggest that you tell the tenants it will then take 8 weeks .

It is imperative that you maintain control of your own project costs and hold the majority of the leverage, which is why I would suggest holding back 5-10% retention on each milestone payment until project completion.

Thank you all in advance for your suggestions and input!

What are you're suggestions to make it a better cash flow?

I am based about an hour south of Lexington Ky & looking for REIA groups / meetups in Lexington or Richmond area, any suggestions?

My cousin suggested i reach out and find a group in my area that can teach me how to structure wholesale deals to get my foot in the door.

Personally though, I’d suggest sticking to your normal screening protocol and deposit requirements.

I will suggest to speak to your lawyer but I don't see an issue as the last tenant is breaking their lease and you are putting in another tenant.