I am looking into option what can i do at this point selling I dont think anyone would pay me this much since the value of the houses are slighly going down in NJ. what would be my options at this point? 

There are so many moving parts in a BRRRR deal that you need the security of your primary income.

Rene, Wow thank you so much for all this information!

Thanks allIn my search for the perfect CRM system, I am looking for one that can handle all my communication needs, such as logging email, call recording, SMS, MMS, and other forms of communication, as well as provide the ability to call, text, and email directly from the system.

With that in mind, a sports-centered college town potentially presents a good opportunity as the school will often have visitors attending games who need places to stay. 

For one, they typically will not lower the contract price, they need to protect their comps, so the credit has to be used for closing costs, rate buy downs and "upgrades."

Much appreciated. 

This is a company that will perform scheduled inspections of your rental property to identify deferred maintenance needs, dubious tenant activities (say, illegal pets, bad housekeeping, failure to change HVAC filters etc). 

I also have general liability insurance, a personal umbrella (which I don’t think will cover me as I may need a commercial umbrella).

You really need an experienced (read old fart) GC to walk the project with you to be accurate and even then things can be missed.