How do I invest after a deed-in-lieu?

[Jennifer Perez]

Hello all, I am new to real estate...well actually I owned a home (horrible investment property) that I lost a ton of money on and ended up having to do a deed-in-lieu.  So needless to say, my credit has been destroyed by it and I have to wait the 2-3 penalty years before applying for a conventional loan.  So my dilemma is I don't want to wait that long before investing.  I am a bit confused on how to proceed.  From some of my research, my options are to go with portfolio lenders or private lenders.  So here lies my first question, is this my only option?  Also, in general, what do portfolio lenders and/or private lenders look for? 

I live in northern New Jersey and my plan is to either house hack a multi-family or buy and hold depending on the area.  Any helpful tips would greatly be appreciated.