Typical expenses of a property are: taxes, utilities, maintenance expenses, capital expenditures (big ticket items like roof, boiler replacement, etc.) and insurance.

You want a place for cutting, keeping tools, etc. without worrying about stepping over things or getting your personal items dusty.Hire contractors with good recommendations.  

I'm looking at a building Jersey City that has two apartment (one that I would occupy for a year to meet the FHA requirement) and a store front.

I mean EVERYTHING; clothes in the closet still with new tags, unused kitchen items, tons of childrens clothes, furniture, etc. etc. etc..  

This will have additional items that may be required .  

Your personal deductions, whether you itemize on Schedule A or take the standard deduction, will not be affected by your investment.First time home buyer credits are only for owner occupied property, not for investment property.

The seller said that she already got an offer to rent it 800/month from a local handyman in order for him to store his equipment but she's more keen on selling.Any idea how I should approach coming to a price and negotiating for this thing?

It is a single family home, 4 bed, 3 bath, on 3/4 acres, with a second garage, detached, that can store two RVs.

Make sure to view the Bigger Pockets book store: https://www.biggerpockets.com/store

Make sure to view the Bigger Pockets book store: https://www.biggerpockets.com/store