I currently have $7,500 and i would like to get between $15,000-$20,000 prior to jumping in. I

The home I put an offer on was in Lodi NJ which was a bit of a compromise for me in terms of the town I would like to be in, I would ideally like to stay away from more urban areas such as Paterson, Newark, elizabeth, etc.  

Congrats on deciding to make the jump in! I

Doesn't EVERYONE experience monthly losses on the unit they live in? ie

If this is what the neighborhood transitions to, it will be a very good area to invest in. I

I don't mean to go against the grain of those who are selling that idea - all I can say is that it did not work for me.So.......... back to taking seminars, buying cassette tapes and books - I wanted to learn everything I could about investing in real estate ---- so--I had to get money, working capital, and I needed to go on the cheap - A friend told me about cheap properties you could buy in Baltimore - houses for only $2-3,000 and many of them could be found at public auctions.After borrowing some money and getting some credit cards and a new job - one in sales - I was ready - ready to invest in cheap- junk properties in the City.And wouldn't you know it - I got lucky at my first auction and purchased a cheap house that was boarded up - Because of all those expensive seminars I enrolled in I WAS READY - prepared with my pry-bar, flash light, level, marble and probe - I decided to go to this building that was being auctioned the next day - I sort of removed some plywood and crawled through a window to take a look -Boy was I surprised - this place looked great - I later found out that the estate boarded it to keep squatters out.The next day - I was ready with my deposit and waiting for the auctioneer to start his melodious hypnotic chant - 5 bidders appeared but did not bid because they could not get it - I was the only bidder and got the house real cheap.Today as an auctioneer, investor and developer of commercial properties - if someone would ask my opinion on how to get started I would suggest ---Continue to study but learn how to cut through the BSGet a credit line Learn 20 creative financing techniques - no money down systems (that is none of your own money)Hang with a few successful investors and pick - pick - pick their brain*** Look at 50 houses in the area you intend to invest (not expensive, blue collar, mixed rental and home owner neighborhoods)When you are finished looking at 50 properties - you will be armed with knowledge that most agents and other investors don't have - knowledge of values -Keep a journal, put listings in it, write down everything the agent or owner says, keep a record of the cost per square foot - this will help determine values -Have agents send you expired listings - go knock on the door or send a letter to ask if they are still accepting offers on the property - Remember an expired listed is a property that failed to sell - the seller should still be motivated to sell. 

Both of the 3 flats that I have bought/lived in, I used a lender instead of a bank.  

Not really, depends what you're investing in. I

The neighborhood i want to invest in is also close to my old fraternity house and I would like to give a little more discount to brothers.

However, tenants who would otherwise have protected status may be evicted if the unit is a single-family home or is the only rental unit owned by the landlord in the building, or if the landlord's qualified relative who will move in is 60 years of age or older and each rental unit owned by the landlord in the same building (except the unit occupied by the landlord) is occupied by a tenant with protected status.Any tenant who claims to have protected status must notify the owner of the tenant's protected status within 30 days of receiving either a notice to vacate or a written request from the owner to declare the tenant's protected status.