Purchase price: $242,500 Cash invested: $50,000 A standout in my investment portfolio, this Jersey City studio is in a prime location with a top-class HOA and great building maintenance.

There are far more important items you should be prioritizing but first so I am clear on the strategy, it sounds like the business plan is to go under contract, renovate the building and then purchase the building once renovated and stabilized?

Developers build them.

Security deposit is Refundable.I will like you to drive by the House today to view it from the Exterior of the building if you will like it..I will like you to get back to me asap if you really interested in my house for rent for the Application Paper work to fill out soon...Awaiting to hear from you...

If they are insuring the property in its current state, it's likely that a new buyer will also be able to obtain insurance without trouble.As for the mortgage aspect, the key factor will be ensuring that the house, including the patio "room" and its roof, meets all local building codes and standards.

Out of state is also an option if you have the time and energy to build a team to support you. 

The cost will go up substantially if you decide to expand the building footprint and roof.

I was not aware that a manual pull station is required, but I've confirmed with the fire department that in mixed-use buildings, a pull station is required that is hardwired to sound an alarm in the rental unit(s). 

I was on the hook for the roof and some other structural repairs now that I owned the building. 

I’m having trouble with this myself in a couple of buildings that have been marketed as no smoking and the tenants have agreed to smoke outside in.