I would use money from a HELOC that I have open to fund the down payment, but as @Scott Trench stated recently on the podcast, that is a short term solution, and I don't want to hold that $48k debt for more than a few months. 

If the amount is significant I draw up a document stating the interest rate and the payment plan.

i have a great property i could send you that i found has many great qualities its a cozy modern home with workshop and detached garage price is close to half a million but could very possible to change the sellers mind for your price range seeing as it needs renovations not many but still need them this property is in washington state but the area is good for selling seeing as a majority is rich and looking for nature vacation getaways right by a beutiful lake and mountain contact me if you would like to find out more i will have to note if you consider and take the property i do require a finders fee of a minimum of 500 depending on the deal 

I dont know NJ requirements but every other state I have worked in there is no requirement for a licensed architect to draw a plumbing drawing....or even an engineer.

A little further from home you'll find some of the value you are looking for in Kentucky, another state that is supportive of manufacturing and in following the state Economic Development you'll see chomping at the bit for more manufacturing. 

1st, my pricing was not cheap to begin with $200 a mo.2nd, I live in California and my property is in Birmingham.3rd, they had great reviews until I dug a bit more.4th, they're the biggest in the state of Alabama.Anymore questions Drew?

NJ is a tough state to evict.

If you really want the list of all REO departments and asset managers, nationwide and indexed by states servicing, try the Lane Guide. http://www.laneguide.comThey have the best and most up to date list I have found.

Every out-of-state investor should be paying attention to this.I think you’re right.

PRELIM LAND PLANNING- do a preliminary layout, please remember stream buffers, specimen trees, ANY jurisdictional waters (its a good idea to have you county water systems guy come walk your property with you to verify any jurisdictional water systems and what the required state and county buffers are for those systems).