I liked working on our house so much that in 2011 I made a career change into the world of home performance, and since then I have conducted over 3,500 residential energy inspections in the metro Boston area. 

Go ahead a leap for it because it teaches you the laws and helps you better conduct business in the field of real estate.

My question is this: Should we continue under the LLC when investing in NJ properties and have the two NJ partners be added as agents to the principal to conduct business in NJ or should we establish a new LLC in NJ for all three partners? 

I have also been conducting side research in addition to reading books.Lafayette, LA isn't a cheap real estate market.

Hi Abacus Avenue was unlicensed to be conduct any real estate business at that time I would ask for a refund and avoid exsorbant fees.

There is nothing wrong with being an apprentice, but if you don't understand the industry, the way business is to be conducted and the basics of that business, you're going to be trained not educated.

Some of the advantages I may be able to offer you are: 1) Paying all cash.2) Buying the property in it’s “as is” condition.3) Saving you from having to do any rehab, landscaping, cleanout, or cleaning.4) Saving you from having to take the time to conduct, or hire a company for an estate sale. 5) Closing the sale very quickly, often in thirty days or less. 6) Saving you considerable time and extra attorney’s fees. 7) Saving the 6% real estate commission and attendant fees.8) Helping to move the process forward towards resolution.

The minimum bid that the sheriff will allow is costs - the cost of conducting the sheriff sale for that property (basically) because the sheriff gets paid first :)But you can bid in the next bid increment that the sheriff will allow; that would be previous high bid plus $500 in my county.

If you think what I did was wrong or unethical, please tell me how you would have conducted the transaction?

You will have the opportunity to verify and conduct due diligence on the tenant as wellDeal returns are  35%/yr and/or approx $25225 per year Tenant option down payment total approx 5% ($23,000)Tenant is determined to purchase house in a 2 years time frame from you at a price of $480,000 Aug 2015 appraisal confirms value to be $460,000 and landlord is willing to sell at the appraised value of TODAY if it checks in lower than $460,000Landlord also willing to hold back 5% second mortgage if required to minimize cash investmentLooking to close before Feb 28, 2016 or sooner