I hope the tax firm I connected you with works out.

@Anthony Liguori with how difficult Newark NJ makes it for landlords unless the laws change there are many other options for markets around North Jersey which will produce amazing returns and way less stress for landlord. 500-700k properties in the right area have best shot at hitting 1% rule, even in todays market.   

For the amount of people living in the unit/house/etc. you should check with the city/state/local laws for this since that will be your backing to say yes or no.

Knowledge is key, so familiarize yourself with your state's laws regarding wholesaling.

I am actually thinking about real estate school in the Spring just so I can further my knowledge with laws, rules etc. 

We’ve handled CapEx projects for other multifamily firms before, but it’s exciting to finally step into ownership.

We have a great law firm who specializes in this here in Florida, and they even produced a series of legal training videos for landlords and PMs (see evicttv.com). 

Unfortunately with the wacky laws and regulations the city makes it very tough for success long term.

Make sure they are familiar with your state''s tax law. 

Quote from @Jonathan Blanco: Quote from @Chris Seveney: You may also want to look into securities laws because what you’re doing does not appear to be compliantInteresting, many CPAs/Accounts have replied and no one has mentioned that.