As I build my revenue I plan on expanding to buy and hold deals, so I need something flexible.

What you do after you buy the house and which room or area you occupy is your decision at that time.If you mention to the Bank/lender that you plan on living in the basement for example or an ADU they can deny the loan.

If I were to buy a somewhat distressed home, obviously renovations would add to that.

That doesn't mean there is no value in buying a boot camp.My underlying question is, what's really the value of me paying? 

We’d like to buy their property from them, but cannot reach them.

I want to save up and buy my first property but idk what the best way to save that money is.

But I am very much so a buy and hold investor.

Ali,When planning to buy in NJ the biggest thing I would tell you is to plan/research for the closing costs.

If I were to buy it, would I have to apply for the license with the city, or is the license for the property and not the owner?

Investment Info:Other buy & hold investment.