However, in my market house values were outpacing my ability to save sufficient funds. 

He said that he has to go back a number of years to determine any losses that were not allowed for NJ that can be added to basis...He stated that NJ does not allow net losses on rental properties ; however, those losses can get added to NJ basis so he said he has to go back and review all my losses over time.  

We have recently partnered with Outsite.co, one of the largest coworking/coliving communities in the world to handle booking and management.The property itself has appreciated and we are watching the market to determine the best time to hold a capital event.

My purpose behind my decision to pursue REI is to gain financial freedom for wife and I, my future family as well as have the ability to make sure my parents are well taken care of once they reach the retirement age.If I had to label myself I’d want to be known as an open minded rental investor for all long term, mid term and short term investing, with the occasional flip for quicker capitol to put back into another rental.

I'd recommend the spread on the return and your ability to replace damaged items (local vs. not local, strength of your team) be the determining factors in that decision.

It is solid to look at deals that are off-market and know that the ability to buy it at a price and either hold it or sell it will be coming with less competition on the purchase and more upside.  

I am hoping to get a better idea of the value of the land to determine if it makes sense financially to start the foreclosure process (the two notices have been sent).  

I'm in the process of having the Field Investigation done to determine my discount.

I applaud you and your wife for thinking about this so early and your apparently great ability to save money for this next step! 

However, between the work-from-home ability and the recent crime spike in D.C. post covid, many businesses have moved just outside the city to areas like Alexandria and Arlington, which in their own regard already had thriving business environments.This macro trend, along with the massive amount of economic and infrastructure development happening in Alexandria will lead to massive rent growth and home price appreciation over time.