I will read through and start participating in discussions but I am hoping to learn a lot from the experienced folks here so that I can jump into this without being in analysis paralysis mode for a very long time.

Could someone who has participated in Jersey City property auctions provide some insight into the process and what it takes to succeed?  

The 401k loan rules allow the participant to borrow from the 401k and those borrowed funds can then be used as collateral.

What is the Cap Rate at which market participants deploying capital for like units?

It looks like the only participant in the process is the taxman. 

basic sub too.. deal as long as your personally well capitalized. this scenario probably works.its the undercapitalized buyer and the sterling credit seller that creates a huge risk for a seller and I don't recommend any seller to participate in that type of deal.but since the sellers credit is already bad there is real equity in the deal that will keep you in the deal and you sound like you have the wherewhithal to pull it off..

I'll start reading and participating right away.

My goal is to get members to be active participants and make this group as practical and dynamic as possible.

#FirstWorldLenderProblems, the good ole "I just went into escrow and I didn't realize that getting a mortgage requires my active participation and I'm going to ignore my realtor telling me to cancel our vacation plans," our favorite. 

Step one is getting your finances in order so you can participate.