I use to hire builders and now we do it in house, but depending on where you are wanting to build I may have a few good builder contacts for you if you need them. 

Only need to declare it when you sell it, and since the US doesn't know the original purchase price, they depend on the seller to declare that.  

Depending on where you are buying in NJ and the value of the property, you may be able to get bank based in New York interested in the deal, which will widen your pool of potential lenders. 

Obviously depending on the specifics, which I am still waiting on a call back, is it worth taking a run down, disorganized property that isn't anywhere close to its potential and putting the time and money in to develop it into a nice community?

I depended on his support because he never did this before.

See BP Podcast 229 for more information.If I were in your shoes, and depending upon how good the friendship was, I would ask her for a portion of the profits she's made thus far, since you gave her a "friend's rate" on the rental and she's technically violating the lease, it's only fair.However, since you think she's not going to be honest about what profit she's made, I would assume you really aren't very good friends, just very old acquaintances.Regardless, I would terminate her lease at your earliest opportunity and begin short term renting it yourself.

Beyond making more money on the SF houses over unfurnished rents, it depends how much more you make for your time (after subtracting all your hard costs of course).

It depends on a number of factors including what your expense basis for the land, what type of homes are around it, quality of area/neighborhood etc.  

@Joel F.It really depends on what you are after.

Depending on the number properties It would be less then two weeks.