Landlords in NJ are required to have their rental properties built prior to 1978 inspected for lead based paint  by July 22, 2024 per a Phil Murphy signed law in 2021. 

🚲💼❤️Even with 40 years in real estate, I felt the same way about buying my first apartment building.

Hi- Does anyone here have any experience in buying a project based Section 8 building, we are in middle of some negotiations. 

By having more tenants there are more eyes to watch for issues that may pop up, more people paying rent, and if you have one of the units vacant for a bit, it will not hurt the bank as bad as it would if you only have two tenants in the building and one of them left.   

After purchasing done they did inspection without letting us as we were not there they did not able to check backside of house because fence is locked.

On a trip to Carroll's Building Supplies in St.

There are several large brand new affordable housing buildings being finished less than a mile away, that will also pull potential renters from this property.I'm not sure where you pulled your numbers from, but I wouldn't be surprised to see that property rent for less than $3k/mo for the entire house. 

When you start talking larger multi family properties and commercial buildings (office, retail, industrial) then cap rates become a much bigger factor. 

.#1 tip I'd give if you're buying existing (or building) is to call the assessor and ask specifically what the new assessment will be after improvements.

REITS that own shopping malls or sky-scraper office buildings are effectively the walking dead and many will not survive.