You basically need to purchase in a new-build neighborhood of "free-standing" townhomes (usually not next to the lake) or get into a non-warrantable condo to get near the lake.

@Nick Mercurio Property tax payments are usually due twice a year, payable before the due date.

Prepayment penalties- usually 1-5 year terms.

Same with the condition, usually the sales contract already has language stating that the seller is responsible for maintaining the property in the condition it was in when the contract was signed.

Usually there is a lot more variation in commercial for what a lender would be willing to take on, you just need to find a lender who is more willing to take a chance on a new operator.

Our lot sizes / frontage in NJ is usually only so big... 

Usually because:1.

Also, not a fan of having an agent or PM be your main boots on the ground for a random market that you are not fully immersed in unless you are a very savvy and highly experienced investor.I used to invest out of state as well and its certainly a lot more to it than many may think and your numbers on paper will usually look much better than reality.Cheers

I'd rather you buy a place and have roommates rent out the extra bedrooms. 

I usually see 10-15% down 1-2 points and 11-12% rates.