One idea is converting it into a self storage facility . 

We have a client using a 203k loan to convert a mixed use property into a 4 family, and just closed on a 6 unit property for a client that was neglected by the previous owner and in desperate need of some TLC (but we paid appropriately for it).

We are buying a single unit and convert into a fourplex to hold.

A great website converts better than ANY mailer ever will/could!

@Zach WilsonYou will need to first convert your 401k funds into a self-directed IRA before you're able to do anything like this.All of the profits will also go back into the IRA.Also, many companies won't allow you convert your 401k while you still work for them.

So far just planning minor bathroom and kitchen upgrades - flooring, appliances, cabinets - but long-term there is potential to convert these large units to condos and sell.

Hey @Felix Torres setting up facebook ads and getting quality leads is the easy part for me as I do social media marketing for a living - if you can convert the leads into sales this would work well for you, if your still trying to find your first few deals then it might be cheaper to drive for dollars to get started.  

Here lies the problemProperty has a current cesspool.As a cash buyer I would not have to convert to a septic as most mortgage companies would mandate that.

Investors are finding that Chattanooga cash flows, but the 3/4 unit MFH might be hard to come by without building one from the ground up or converting something. 

While I've never attempted to do this in Jersey City, I have inquired about doing it I'm Kearny (both Hudson County).I attempted to convert a 2 into a 3 (floors same as yours) and I was told I'd have to conform to current building codes if I wanted to do that.