You bring up a lot of points, I read this a few minutes ago and needed a few minutes to digest.

Do they give you a stack of documents or do they make small "cliff notes" that give you all of your required information in easy to digest methods?

There are income caps unless the census tract the property you want to buy has demographics that eliminate the income cap.  3% down for single family.  5% down for 2-4 units. 

I have a lender that will do Zero down, no MI and low APR for what is called a census tract loan up to $510k - these properties usually in areas that are up and coming but its designated by a street to street basis. 3-5% down up to $759kGood luck keep me posted interested on what you find. 

Also look at your #'s even if your buyer can get financing count for your sales costs and if buyer may ask for you to pay their Closing costs and if appraised going by your numbers you will take at least 10k hit because of R.R. tracts.

I'm also struggling to find a realtor that doesn't speak in 3 word sentences or even wants to meet in person to discuss my goals -- maybe it's just the area, heavy competition, and a lot of "investors" (probably like myself) who spin people's wheels without ever getting really serious.I'm also considering areas like Montclair and Bloomfield because of easy NYC access - they seem like they could be safer with longer term tenants, but I'm not as familiar with the rental markets.I'm reading and digesting as much as possible, getting familiar with terminology/concepts, but I'm struggling in general to get focused and be confident that I'm going about this the right way.  

How can you turn a 3 acre tract of land worth 60 grand into 4 pieces worth 140k?

I am here to digest input for the next year or more, not going anywhere.  

The cost to rebuild my original 1970's tract home will be $1,000,000 as it is now a custom home (3300 square ft.). 

I highly encourage those with even the slightest bit of interest to head on over to their site, dive in and digest as much as you can...you won't regret it!