In case you are not so familiar with Jersey City market anymore - it is warm in the bad areas and super hot in the good ones. 

I'm getting feedback from friends that I need to open a separate bank account ASAP for them to deposit rents (minus management fees and expenses) into since co-mingling in my personal bank account is a bad idea.Could anyone shed some further light on why this is such a problem? 

@David Krulac  there ya go completely different than most states.. out here CA you buy the property at tax sale you get a deed in a few weeks or a month or so from the tax collector you record it.. its yours.. now there is a 1 year statue in CA for the owner to come back and say something was wrong with the sale.. but it is not a redemption they have to prove the county messed up the sale in some way.. the easiest way is to prove the county did not advertise the specified days.. we lost one that way.. but that was one in over a thousand my dad bought over the years.In Oregon for Sure the county commissioners actually have the power to reverse the sale.. but that's just getting it back from the state.. next time I see you I will tell you about one case that is fascinating here. but I don't want to describe it in a public forum and give the bad guys ammo if you know what I mean.

Yeah it wasn't so bad after all.

I can find cheap houses in the bad part of town for 20-30k that will rent for $650, but they have the same small 100-200 monthly cash flow and high cap ex that you don't like in this deal.

I haven't seen the inside but the outside is weathered, weeds growing, neighbors say inside is in bad shape.

I had about 30 million in credit lines for my hard money company 8 with them and they were the only ones who kept my line every other one called them.. so we were put out of business and this bank lowered it to 4 million but I was just happy to have enough to make a living when things got so bad.. so that's my long winded story.. is there potential to grow then whats 24k its a drop in the bucket in the larger picture.

I was able to find out that he is motivated to sell because he got a DUI and it really put him in a bad situation.

So I just recently passed my real estate salesperson exam (about 3 weeks ago) and I am now in the process of trying to figure out which brokerage company I want to work for. The problem is I currently have a full time...

Even though I bank with them, I will never use them for loans because I've heard how bad they are at it.