Current Situation: I have identified a 3 family in New Jersey where I have planned to use an FHA loan I am pre-approved for.

So posting in off topic as I really don't know how this fits in, just wondering if anyone out there has been in this situation. 

You do not have a default situation.

Seems like a stressful situation for one house.

Could someone that have passed for the same situation share some tips...??

.$500,000 Value requires $150,000 + $22,000 Closing Cost so total of $172,000 Down + %5.4 APR 5 ARM + 24 months payments needs to be in the bank account which is approx $73,000At the end of the 5 years, the mortgage will be something around $322,000 so with the appreciation etc if we sell the house around $600,000 which - $172,000 - 322,000 = $106,000 NET max return.But if we go all cash , he can make Approx $225,000 ( total rental income + average appreciation)Or If we do All Renovation + All Cash deal =$550,000 investment in 5-year approx profit will be around $300,000If you'd have the All Cash Funds and if you would locate overseas so you don't have time but you also want to make profit , what would you do in this situation?

Closing on this home in April is usually a bad situation when trying to fill a student rental property. most leases are signed in October the year before hand.

Mini ducts sounds perfect for this situation and HOA regulations never sound fun. 

It goes towards the purchase but is only refundable in very small number of situations where seller backed out. 

I have some first blush ideas about what RE Investing options will be appropriate for my situation but time will tell after I learn more.