Jared,Take a look at these articles and I think you will be able to make a decision.http://www.themoneycommando.com/umbrella-policy-vs-llc-asset-protection-part-1/http://www.themoneycommando.com/umbrella-policy-vs-llc-asset-protection-part-2/ They dive into very detailed explanation as well as many risks/benefits & possible scenarios in which makes better financial sense.

These are professionals with additional training and a stricter code of ethics.

These are professionals with additional training and a stricter code of ethics.

I figure I am going to rent to students and if I remove the dinning room then I would benefit in having another rentable room and making it a less desirable party spot.

I figure I am going to rent to students and if I remove the dinning room then I would benefit in having another rentable room and making it a less desirable party spot.

I am still looking for NJ state website http://www.state.nj.us/dca/divisions/codes/offices/bhi_faq.html#5 for the answers. 

It may need to be a conditioned walkway to meet the code. 

The calculations are also impacted by your current income which impacts the tax benefits of your properties. 

Having moved from Germany to the US myself I understand the challenges and benefits of investing in US real estate.

You would likely have to pay a high interest rate to entice the seller, but with that and the tax benefits to the seller of recognizing the profit over time rather than all at once you might get the deal done.