Greetings, I ran into a small sum of money and I am thinking of the best way to flip it in a NYC/NJ/MD market.

I ran the scenario both ways, and FHA is going to run you like $400/mo cheaper than conventional on a $400k purchase price (just noticed the "mid 300s" range part, but that won't really change anything).

Hi Danielle, When I ran the numbers I predicted that I would be renting out the full unit instead of house hacking it.

I ran into a lot of delays and surprises through out it all.

What are your ongoing holding costs?

I’m not concerned about the first or second flip per se but as an ongoing venture, I’d like to know how to set things up correctly to build a solid foundation as a real business.

Then there's the customer service aspect on an ongoing basis, but it's not very much time we're talking about... and you're close enough to use as a vacation home a couple times a year should you choose to do so.

Since this process can also be automated, it is really a small gesture that has the potential to positively impact your business with literally zero ongoing maintenance requirements. 

Please advise) and I need an attorney, most likely for ongoing legal advice as well as drawing up the necessary forms and documents like contracts, leases, and evictions (when necessary), and others when needed.

Still ongoing