Keep in mind that many courts may not even evict a tenant that you have habitually accepted late rent from if you decide that you are fed up and want them evicted for late rent . . . this is because you have gave the tenant a reason to rely on you accepting late rent in the past and so, caused confusion. 

Then you also have a test drive on the home and neighborhood anyways.  

I don't deal much in Bergen County but the question is why are you willing to accept even 5% as a cap rate.

Under contract means an offer has already been accepted.

Many owners accept cash payments and under report true income then expect a Buyer to "trust them."

Who wants to tie yourself to a house when you can develop an app, be the next Zuckerburg or accept that new job 3 states away?  

Like many people one of my biggest objections has been educating clients on what is acceptable in hard money.  

As a medical student, in a little more than a year, I'll basically get sent to whatever hospital here in the Midwest(most likely not in a "hot" location) that will accept me.

Does anyone have a similar investment that has stood the test of time?

Our bid was accepted, and It turns out now that the house does not need as many repairs as we were expecting.