Where in New Jersey is it located?

You control a 1.5M asset for $35k and get to live in an amazing location.

I'd love to connect in a few months' time (or before if preferred) to possibly locate a property in your area and start my REI journey around October this year.

The location hasn't had a lot of demand which has made it challenging for him to find an end buyer. 

Its going to really depend on your location, scope of work, and finishes.

@Rory DarcyRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Can't do this in many locations.

Central location works best like you want.

I tried to do a cash out or heloc on this house but it couldn't be done because of the price it was low. the house is located in Rockford il, planning to buy in Rockford as well since I live here.

Location and paying attention to Nathan's points above about the immediate area are more important.