I understand there are many other criteria to analyze a property and market, and I will use all available statistics. 

Echoing the above:- Know your market: Is it saturated? 

Does anyone have any experience in this very pricey market of NJ/NY/NYC?

Also looking to see more seasoned investors thoughts on these deals and markets and figure out my next steps.

However city is imposing a good amount ofimpact fees based on the bedroom count - which accounts to close to $40 k , which i cannot afford- Ibought the house for myself to reside and cannot afford to pay this.We verified with city prior to buying and theyconfirmed it is residential zoned , however never mentioned about any impactfees.It is residential zone - MLS shows it as 3 bedroom 2baths - it had a extra unit  in the back and also a inbuilt rolling bed on 1st floor for the main I am stuck here- they are asking to prove it was usedas a residential -ever - any guidance would be appreciated on this.

I understand it depends on the township, and when I look up certain ordinances it seems they only address residential buildings ( 1-4 units) needing a permit, primary residence, etc.Wanted to see if anyone out here has had experience.

I am leasing out my 1st rental property.However, the partner of the tenant that is applying doesn't have a SSN (not a resident or citizen) How do you navigate around this?

However, I am trying to accomplish this task by purchasing under market value (every investor dream).

@Shannon L Fogarty the tried and true technique here is to ask other investors in your market who they are using.  

It turns out that coordinating engineers, marketing and sales to launch a software product is not crazy different from coordinating vendors and subs to "launch" a construction project.I will disagree with everyone who says that hiring subs yourself puts you at a pricing disadvantage vs. prices GCs get.