Secondly, I'd chat with a realtor and get some recs on lenders to truly see what you're working with in terms of buying power.

If you are able to refinance out and remove your PMI that is probably the right play long term. 

@Muhammad Kashif Flipping a property in 6–9 months results in short-term capital gains, taxed as ordinary income (up to 37% federally, plus NJ state taxes up to 10.75%).

Any tips you could give me on this in terms of viability?

We all will have our own opinions but end of day it is up to you if you value $10,000 as.I was booted from the FB page because I dared to explain why some of the things his students, and I use that term very loosely, were espousing were simply illegal.

Account Closed"Barriers to entry", that's the term.

How much will be the interest rate, and terms of the loan. 

To put this in terms, that's making yourself a "Quantum Real Estate Investor".

They are for long term wealth building and the goal has to be to get them Paid off as quickly as possible you then will start to see real cash flow.. a stable of max leverage rentals anywhere is not going to move the needle on income to you in the first five years.

With that said, the income can still offset the cost of holding the property as a long-term investment.