You want to have an idea about the home's legal use in order to figure if it's a deal. 

I have heard of many states where landlords cannot bill for their time. you should not do so without confirming that this is legal in your state.

I recommend anyone from South Jersey to check it out.Sometimes joining your local political party will provide you with community activities and persons that may interests you.

(Edit:  OK, so form a Joint Venture, which would protect both parties contractually. 

Both parties need to simply understand very clearly the agreement and terms.  

But the reason is that here in Texas most duplexes are two separate properties that are attached... and you cannot apply a single loan for two different legal properties.

Make sure you talk to a CPA and Attorney regarding all of the tax and legal aspects, someone who knows the state you live and will be doing business in.  

Lakewood has a LOT of duplexes but what worries me is how old they are and it is sort of a party city with lots of younger tenants. 

Congrats Jodi,Sounds like you got a deal and times it right Hillary ,I’ve been listening ok’ing at flood deals for a while now , from the deals that came my way the wholesalers are looking for 60-50% of the ARV , that doesn’t leave you much room for error , market correction or stigma of a flood home even in a good area .Take off 10% for commissions, legal  & closing on sale , you are looking at best a 12/20% return on investment .Now imagine if the mold situation comes or contractor goes over budget , you may be stuck holding a wet bag If your plan is a rental than at least you have a plan B in place For the best upside of 20% I’d stay clear Of course if you can purchase at 35/45 From ARV that may be worth considering IMO the Flooded homes are going to be in the market for a while - based on the fact many owners are just hanging on and not paying mortgages .

I know there is a legal contact in place but still worried of worse case scenario.