When borrowers get behind the bank sends a rep to check the property.  

If the realtor is unwilling: Go to the seller and ask him to buy it from him All the same questions above straight to the sellerSend her a letter by mail and explain your intentionsGet financing from a Hard money lender: offer cash and refinance it into a regular loan. ** and yes: I don't know how you are arriving at 50k But go see it: based on comparable sales arrive at an ARV (after repair value): then get the estimated rehab cost from a reliable contractor: Then get the ARV $: times 65% : that will give you X: minus repair cost : and that will equal your offer priceFor example: ARV is $100k : times 65% : or 65k minus 20k in renovations: so your offer will be: $45k You can't lose with this formula. 

Going to be very difficult to make $5k/mo with $24k in the bank.

What would you say would be the target credit score to obtain conventional loans through mostly smaller banks?

I have even checked smaller community banks.

Here is a link to the NCGS chapter on D-T Any NC real estate attorney can help with setting up a private party (non-bank) loan.

No bank will finance it, so you will need to partner with a private money person to fund this.

Your local banker can explain it to you.

A simple google will let you know what's what, or here's a link explaining it all clearly: http://www.exeter1031.com/article_identification_r...If you want to go that direction, of course, remember that the properties you exchange into must be worth at least as much as the NJ property, and you must roll over at least as much equity.

Explain to the next tenant from the get go (even with a drawing/diagram/flowchart) about how rent collection will be handled.