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?

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

As most have already said, you could simplify it by offering a  gift card to her favorite store, dinner, or something personal if that feels more natural between friends.I would also encourage getting professional photos done  while you use them for your listing, she can use them to kick start her side hustle interior design business!

No cash flow.

So this is not a case against cash flow, but pointing out that cash flow is second to equity.

Or would it still be better to pay it with cash, invest the rest and use equity to potentially buy a 4-plex down the line?

Here’s the plan:Pay off the mortgage entirely using our own funds.Transfer the deed into our NC-based LLC that we’ve formed for holding real estate.Formalize the loan agreement so her mom repays us over time while continuing to live in the home.Eventually convert the property into a traditional rental when her mom moves out or passes.Possibly tap into the equity via a HELOAN or cash-out refi to fund improvements or future acquisitions. 

We just launched a Cash-Flow Breakfast Club for your area!

When I was starting out I had little to no cash, and college debt, albeit not medical.

Some of those Command strip picture hooks, maybe a gift card to a local restaurant/Walmart.