So trust me I know my laws and where I can and can not do certain things but here is the ultimate answer, even if I connect with someone that, for instance, lives in one of those states like say NY, all that means is I can not directly advertise in or handle the paperwork or processing myself, that does not mean that I cannot help someone in one of those states it just means I would have to make sure that one of my other team members who is a licensed broker handles their deal that’s all.

This is anecdotal, but I'm most often reminded of the extent to which the rest of the country is locked down when I receive accounts from my friends or relatives in other states, or even, for example, just an hour north in Triangle area.As far as prices go, I personally don't subscribe to housing prices in this instance being a sign of economic strength. 

And from what I hear, these two instances are mild.  

for instance, I did a 6.25% cap rate on the remaining money left over from the Walgreens deal with a DST.Best of luck - 

then I ask my upfront questions and tell them that its not for them if they for instance have a bunch of vehicles or animals or too many people for the unit size.

For instance, if your minimum is $50k, your average will likely be between $60-90k.

In this instance I’d try out the Hoa and only use a property manager to find a good resident to live in your rental This will keep the cost down tremendously.

The point being, while I am a huge advocate of permits on all projects that require them, in this instance, I would probably wait for tenants to move out, and then renovate when you have more than a week, AND hopefully get more rent.One last anecdote: I did a gut renovation of my small bathroom at a prior house, without permits.  

If you have a 12 unit for instance, you may need to consider, grass cutting, snow plowing, cleaning hallways and common areas bigger water/sewer bills and dumpster fees. this could cost you MORE than 50% of your gross rent in expenses. 

South Jersey is very vague.. for instance, I live in point pleasant, which some consider to be South Jersey.