The information you have provided is very empowering and it feels great to know we have not exhausted all of our options.You are correct, this is an investment property. 

Two identical houses that are about 12 feet from each other and basically on the same lot.One is vacant, and has even been broken into and had wiring and pipes stolen.

When I went into the property I found several things needed to be fixed including the copper pipes for plumbing that have been vandalized.

The one big storm that hit NJ hard recently was tough with how big the lot is, even with a team of 4 of us shoveling/using the snowblower, it was exhausting!

Lol)Well, I exhausted my saving and only had enough money for a down payment.

Researching a new asset class is not an exhaustive process but it takes more than a couple of weeks.  

Copper pipes were cut out and vandalized at different parts in the basement.

We have not done the background check and don't know what will it report, but he said that he was in a car with three other friends in North Dakota (very conservative state, according to him) and all got caught because they had marijuana pipes.  

Hi- I bought a foreclosure... baseboard pipes frozen so all needs to be replaced.

@Colin Simpson Doing a live-in flip was not something I was comfortable with because I can do basic things like painting, connecting some PVC pipes, etc. but not any real contractor work.