Here are the details on the house:The Good-Located in Hunterdon County NJ in a desirable town/school district-2 bed/1 bath-Attached 1 car garage-1/4 acre lot-fenced back yard-Hardwood floors-Central air, newer oil furnace/wood furnace-30 year roof put on 7 years ago-450 SF of finished space in basement, carpeted with built-ins-Full perimeter foundation drains and two sump pumps (basement has never seen a drop of water)-New gas stove, dishwasher, and laundry machinesThe Bad-Mortgage balance is about $222K @ 6.125% - House was appraised last month at $220K-Current PITI is $2345/month-$1495 Principle and interest-$615 Property tax (Taxes are very high here)-$60 Insurance-$175 Private Mortgage Insurance-Normal rent for my area on a 2 bed/1 bath is only about $1000 a monthDo I have options here?

Everyone is entitled to an opinion, but that one lacks any foundation.

I want to build a solid foundation of education before diving into any deals, so I've joined bigger pockets and am reading some good books to start and listening to the podcasts.

Assuming any foundation issue is fixed?

I am currently working on setting up a new business, which I'm doing through an international entrepreneurs group called The Foundation (thefoundation.com).At this point (i.e. early in my learning stage) I'm thinking about buy-and-hold rentals here in The Netherlands and in Colombia (still need to figure out tax-implications here if investing in Colombia though).Looking forward to the learning process, and connecting with [Dutch] Real Estate Investors!

ARV is $255,000House will need to be demoed, foundation and driveway remain. 

Fill in the foundation below.Check out the Start Here page http://www.biggerpockets.com/starthere Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

Fill in the foundation below.Check out the Start Here page http://www.biggerpockets.com/starthere Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

If it's in a great area, there are no major, deal breaking issues around the property (soil/foundation issues etc.), and you can rehab it without breaking the bank, i would say it warrants a more detailed investigation.

Fill in the foundation below.Check out the Start Here page http://www.biggerpockets.com/starthere Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.