2020 Built 5 bed/ 3.5 bath + 2bed/1bath ADULoan Balance: $624k Purchase Price: $725KEstimated value: $1,450,000Gross Annual Income: $ 147k in 2023/ projected to make $165k in 2024(possibly more)Annual Expenses: $92k Including mortgage, cap ex., cleaning and operating expenses Monthly cash flow: $6,083 self managingMonthly cash flow: $4,300 with cohostROE: 6.4% Thanks for your input!

Run a credit/screening report on yourself.

If you search the forums for this topic using the magnifying glass feature in top right corner of your screen on BiggerPockets you will find a lot of discussion on "Quit Claim" "Buying through LLC" etc.

Clearly state your goals, including short- and long-term.

Just including it because it is an option.3) You could discuss directly with the family member to find something that works for you and them in the creative finance space. 

While you shouldn’t categorize all tenants and it’s the landlords responsibility to properly screen, the tenants who reside in better situated housing and pay higher rents are more financially responsible meaning lower rate of rent loss and will generally take better care of the property which combined will result in less time allocated towards management functions if self-performed or more favorable management fee structures if 3rd party management companies are utilized (which ties back to #1, as well).

They handle day-to-day operations, such as tenant screening, rent collection, and maintenance, allowing you to focus on growing your portfolio.Mortgage Broker: When it's time to secure financing for your investments, a mortgage broker can help you find the best loan options with favorable terms.Real Estate Attorney: Legal matters in real estate can be complex.

I'm an investor and investor-agent born and raised in Bergen County, and I work all over North Jersey including Bergen, Passaic, Essex, Hudson, and parts of Union/Morris counties. 

I know there are many variables, but I am curious if anyone has done these in Massachusetts or in the Northeast and what was the cost per sq ft to complete including the slab but excluding land costs and site work.

So, I turn to you, the wise and experienced BiggerPockets community, for your invaluable insights.Property Details:Type: Commercial/Residential MixPrice: $215,000Unique Features: Large shop area with potential for various business or creative uses.Considerations: The residential structure on the property likely needs to be removed.Zoning: RU3 (High Density Rural), allowing for a variety of uses including hobby farms and home occupations, with certain building and site coverage restrictions.Key Challenge:A local estimated the cost of removing the house, including asbestos testing and abatement, could be as high as $100K.Context:The property is part of an estate liquidation following the owner's demise.The primary value lies in the commercial aspect (the shop), with the residential part holding little to no value in its current state.Given this scenario, I have a few specific questions for the community:1.