Welcome Vlad to another NJ resident.

"We are all here to help each other grow" is a catchline you use to sell to more people. 

you mention ARV - what is the cost to repair the property to get it to that ARV?

Also, it goes without saying that if you make a procedural error (very likely as the process is designed to trip up the unsophisticated landlord, and all tenants have the right to a pro bono attorney), then you have to start the process again from scratch. 

So yes it can work, but you also need to be able to convert the responses you get into closing.

Would I be able to purchase that if I tell the lender I have the intent to live in there and be able to put down 5% and if so what do I need to tell them about the current primary.

Almost best to learn from local experts and that is an easy way to target them. 

The reason is because I will get to save on rent and will get to know how real estate market works.

I'm not currently taking the classes as I'm about to close on my first house here in a few weeks and wanted to get situated with that and the move.

Had the chance to do this flip with a close friend that did not have to capital to take it on themselves.