Hi All,I just recently joined and am new to the real estate business and extremely determined to build an empire of great residential and eventually commercial properties.  

@Justin FernandezHere is one definition of "joint venture": "a commercial enterprise undertaken jointly by two or more parties that otherwise retain their distinct identities"For the sake of simplicity and what is most likely in our kind of real estate, let's agree for our discussion that we're talking only about 2 distinct parties (as opposed to 3 or more) joining in the JV.

@James ShippGenerally, C-corporations are better for raising commercial credit (visa, mastercard, amex, etc). 

Hi all, I'm just looking for feedback on a deal that my wife and I are considering since we're not professional commercial real estate investors.

Hi Paul, Multifamily 5+ units require commercial lending.

I live in NJ and contacted the Department of Motor Vehicle to get more info.

You'll need to keep track of every expense (including things like vehicle expenses, interest, lawyers, accountants, permits, tax preparation, LLC organization fees etc.) and if applicable, keep track of expenses relating to different projects separately.

Downtown commercial space would probably go up and maybe the owners of the few high rise apartments and lofts could raise rents.

Studios and one bedrooms naturally have a much higher turnover rate which potentially leads to higher vacancy.As I am unfamiliar with the area, may I suggest that you contact a local property manager or commercial broker to verify your assumed vacancy rate.

This was at most a $500 to $600 vehicle and you would have to have been looking for one that year and model for it to be worth that.