.🚩 Owes unpaid electricity ✅ I hold security deposit.🚩 MRVP will not pay July unless I sign extension.🚩 If no action, tenant becomes holdover on July 1.🚩 I work full-time + have 2 small kids — I cannot afford 3–4 months rent loss or legal delays.My Questions:1️⃣ Is it better to serve Notice to Quit July 1 and regain control?

They have no fees and if they do it is very rare, however, to unlock all the perks they offer you do have to sign up for direct deposit to maximize everything they offer.  

Are you getting any up front money for providing (beside 10% deposit) a loan, like a 1% origination fee?  

3️⃣ Management Model:Ideally I'd furnish the units, rent by the room, month-to-month or flexible leases.Tenants would mostly be airline crew who rotate in/out, but I'd also consider travel nurses or corporate crashpad style if needed.Property would be owner-occupied for FHA loan purposes to start.4️⃣ Cash Flow:Assuming a 4-unit at ~$700K purchase:Traditional rent: ~$6,000/month (mix of 1-3BR units)Rent-by-room / crashpad model: Could bump gross rents to ~$8K–$10K/month if fully optimized.After mortgage, taxes, insurance, and utilities — possibly $2K–$3K/month in cash flow, with higher upside if turnover stays low.5️⃣ How to Get It Done:FHA 3.5% down to start.Conservative underwriting to ensure property works as a traditional rental first.Build out one unit as a crashpad while keeping others as standard rentals to test demand.Use fully furnished, automated systems (code locks, turnover cleaning, etc).Would love advice from:Anyone running crashpads in NJInvestors near EWR or other major airportsLandlords with experience navigating NJ’s DCA rulesCreative legal/operational workaroundsAm I thinking about this correctly?

Bathroom:Demo & Prep ($750):DIY toilet, vanity, and flooring removal.Professional plumber for plumbing adjustments.Toilet ($250):Standard, efficient model.Vanity & Sink ($900):A modest-sized vanity and sink combo.Flooring ($500):Wall Tile (Shower/Tub Area) ($1,000):Basic ceramic tile for the shower/tub surround.Shower/Bath Fixtures ($250):Update showerhead and faucet.Lighting & Paint ($250):DIY painting.Update light fixtures.Permits & Contingency ($3,000)Total rehab cost: $30,500Amount Needed: $30,500ROI: 45% of $30,500Investment Duration: 30days Profit: $13,725Total payout in 50days: $44,225EMD: The buyer has put down a 20% earnest money deposit based on the property’s ARV and they are all set to complete the purchase as soon as the rehab is done.To find out more about our Joint Venture projects, please visit our website: http://strandparkproperties.comWe're able to guarantee the return on investment (ROI) by finding buyers for the properties before listing them on our website for possible joint venture fix and flip.

Quote from @Seth McGathey: Yes your two main options are a cash out refi or a HELOC.

It collects our rent, deposits it into our account, advertises our units, screens our tenants, has full accounting / reporting, etc.  

Without a contingency, you risk losing your deposit or being forced to close on the property yourself.Since wholesaling rules differ from state to state, it’s a good idea to work with a real estate attorney familiar with your area’s laws.

But I would lock the property down with a deposit so he doesn’t sale underneath you.  

The vast majority of lawsuits against Landlords are for wrongful eviction, security deposit disputes, and Fair Housing Violations.