I'm not from New Jersey, but I'm from Elkton, MD which is about 20 mins from New Jersey (via the Memorial Bridge) and I'm looking at properties in New Jersey (Salem County, Gloucester County, Camden County, and Burlington County... so mainly South Jersey).

I am also assigned a client care specialist who as far as I can tell is the bridge between me and the underwriter of the loan.

The Air Force has a work-based learning program called: Skill Bridge Program.

To create a fund you will need up-front legal work, which won't be cheap.If the property income supports, it is fairly easy to get bridge loan debt.  

@Malachi Hoots One option you could consider is short-term bridge financing for the project.

You could use the money for a down payment on an add value situation, (private bridge loan) refi out of the bridge loan into a 30 year and cash out the new property to repeat the process.

@Leela Gutta Bridge loans are for rehab, there is also 30 year for rental properties.

If not you can start with a bridge loan and then refi once the property is cleaned up and rented. 

Because there is a good tenant in place, the current owner stated they would like to keep them around, plus I believe this would likely save me a lot of money vs. using hard money for my "bridge" financing, I would like to have a seller carry option to offer in negotiations ready to go.  

Cash out question can be bridged later.