., you are putting yourself in very precarious position if anything goes wrong and you have deployed ALL of your capital (plus some in this case).

cap rates here in North Nj are pretty low. What metro areas can i get the largest building (# of units wise) or is every metro area currently overheated?I keep hearing about columbus, oh but when i go on the mls cap r...

You will have to keep capital deployed for years not months but if you are patient, you can still do it.  

It would take a long time to wisely deploy the capital that way.

The good news is that once you establish a track record, you often have more money than you can deploy.

With my W-2 income, I can still qualify for a 30-year fixed rate loan at 4.625% (a no-brainer in my opinion)2) I have capital that I need to deploy and the measly 3% interest I'm earning simply doesn't compare to how those funds could serve me in the rental market.

Maybe work a partnership or something if you have $$$ ready to deploy. 

With that being said, if the home is truly worth 800k, then you should access that capital and deploy it on other high quality investments that will give you a great return.

Let's say 10 years in, you get deployed to <insert random combat theater where you have no internet access and limited phone access at best> and you have 30 properties at this point spread across the country.

Tenants don't want to deploy property protection and so I always get loss of use coverage so what repairs are needed you can recoup some the lost rents.I've heard people like the panhandle but I'm not familiar myself.