You don't want to cancel reservations; that will give you a bad rating.

New Jersey is not a horrible state for investing it is more so certain towns and cities that give NJ a very bad name. 

Thanks Lauren - no one close by except a lady I wouldn't trust......I think it may be a bad idea too, just wanted to explore the concept a bit.

Investors who are active in gathering data on local trends while working with knowledgeable agents are able to pick neighbourhoods poised for growth and also comprehend how to best mitigate their risks as they prepare to maximize their return.Myth 3: Distressed Properties Are in Bad LocationsAnother misconception is that distressed properties only exist in bad neighborhoods.

If you have equity and decent credit, a conventional Fannie Mae HomeStyle (or the Freddie Mac version) would likely be the better option instead of an FHA 203k loan (which will require a 3rd party HUD consultant to oversee the deal in addition to having the contractor involved). 

I know I could put furniture on 0% interest credit cards, but I would need 2+ years to pay it off and I don't want to have to jump through hoops to cycle a balance onto new cards. 

I would say if you do jump in without physically going to the area...you should definitely buy in a nicer neighborhood (I hear too many stories with new investors getting burned investing in bad neighborhoods). 

:>) That said, it's not all bad news here.. 

Of course, if I was a bad boy, just let me know what I got up to that caused the issue.

Yes, if it is that bad you will have constant headaches.