@Preston Gealy it is conceivable that the home could be considered abandoned and you may be able to claim it but that won't be easy if possible at all.

Your only recourse would be a very lengthy, expensive, and issue laden equitable judicial foreclosure action which you could conceivably lose. 

If you're willing to go further out into New Jersey  (say, west or north/northwest) it's conceivable that you could find a place you could buy all cash for $50k.

A poorly conceived, or complete lack of a business plan means doom.

If this is even conceivable, are you actually able to buy at 60% of value to turn this into a 100% or more loan?

Shorthand: choosing a loan while not necessarily needing a loan..So, it could be conceivable that the loan originator might not want to even start the work coz all of those questions would need to be answered to get the underwriters to approve.The previous answer was probably closest to the mark: Banks like Owner occupied.

That sounds more reasonable and like a figure I could conceivably come up with using equity in my existing properties.

Only improvements after it is made a rental will come into play with the second piece in the quote, and if a cost segregation is performed it's conceivable that the depreciation could fall into a shorter time than 27.5 years.

Don't work from a position of fear or dread...or pre-conceived notions about inspectors.

Twatson that is a great idea - BuyandTry could conceivably work with numerous REI in a bunch of different states, if he knows other soldiers who live and have real estate problems in various states.