NJ has the highest taxes per capita in the country so high taxes are expected especially in Northern NJ.

They could make more money working part-time at McDonald's.I think construction is one of the best opportunities if you can find the time.

I financed the acquisition of the land with personal and private money.

I'm wondering if some one can help with an explanation about why a Hotel has many rooms with tax lien on auction? 

I'm going to reiterate what's already been mentioned above, but I'm going to actually give you examples of why it's relevant to you to find a U.S. tax professional.1 - You're going to need to file U.S. taxes once you have property down here, there's federal filings, state filings, and sometimes local filings too2 - Tons of tax treaties between the U.S. and Canada that are easy to miss and can cost you a lot of money (important one with rentals - effectively connected income - if the professional you talk to doesn't know what this is, run away)3 - The amount of days you spend in the U.S. needs to be tracked and if you go over a threshold, all of your worldwide income could be taxable by the U.S.4 - Selling real property means up to 15% of your sales proceeds might not be available to you for years (FIRPTA)5 - Lots of nuance at the state and local levels, which both want to take as much money from you as possibleMain takeaway here is that you should find a U.S. based tax person.

An FHA 203(k) loan is definitely one route, but there are other ways to make it happen that might even work better depending on your situation:1.Private or Hard Money Loans: These could be a good option if you want flexibility.

Also, these people have been collecting unemployment with the additional $600 a week federal money for 4 months and never bothered to pay any amount towards rental payment (money which we pay for in tax) and they get for free.

Seller financing, private money, and subject-to deals can open up opportunities that others might pass on.🔹 Maximizing Value – A distressed property isn’t just about fixing what’s broken; it’s about repositioning it for the best possible return.

I know it is expected that you will need to spend some money after someone moves out but I just didn't expect I was going to need to spend appx. $10k to get it rental-ready. 

If you need financial help, ask under the "Finance, Tax, and Legal" forum.