I have seen this same house that is vacant (all the classic signs) I have located the owner ( I have not reached out to her yet).

One location and 4 rents How could you go wrong 

Since comps are limited, analyze similar nearby locations to estimate demand.When pitching investors, focus on a clear business case: expected income, expenses, occupancy, and ROI.

I am located in north Jersey 

In what zip code is the property located?

While I am normally in the do-not-sell camp, in this case it might just sell and buy at the new location.

Sadly, it seems that cash flow on long term rentals with 20% down just does not exist in most desirable locations.

Quote from @Ven Bud: After hearing to lot of bp episodes on negative cash flow, I have a question.I am currently living in my primary residence and planning to purchase an investment property, and obviously it is going to be a negative cashflow (bay area), but I am of the opinion that as long as the rent on the investment property is atleast going to be greater than my current primary residence mortgage it can still considered as positive cash flow investment.The investment property is going to be in a much better location (for office commute, bay area proximity) than my primary residence.

In those days it was possible to locate and tie up a “killer” deal, and close the transaction with absolutely zero of the investors own money.

Timing and location critical Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?