I have already had a contractor look at it and he suggested getting a professional planner to draw plans of the rehab.

Which means when you do get contacted, the deal isn't going to be as good because it was passed over by the top buyers.I suggest getting on more lists, and don't try to hit a home run on your first deal with them.

Our lawyer suggests 3 properties per LLC and keep them around the same value.

Cash flow would spread that out over a certain period.For yourself, it depends on how much cash you want to offer.As an example, if the owner is open to suggestions, you could offer 10%-20% down with 6% amortized over 30 years with a balloon payment at year 5.

As the title suggests, I am new to long distance real estate investing.

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!