There are many banks and credit union that have different down payment requirements.

@Carlos Rodrigues, I'm not familiar with NJ, but check out the state banking commission's website.

My thought is I can buy the raw land, and sell it back to the owner of the main parcel, who recently purchased it from a bank as an REO.The property has access to a main road without going through the other parcel, but is currently behind a contiguous fence from the other parcel.Does this strategy make sense, or am I putting myself in a poor position by doing this.

Moving forward we will be using investors and banks to acquire our properties.

Not sure if banks want to hang on that long.

@Kenny Sibrian I would look at some of the banks online mortgage calculators as well as the official website of FHA loans.

From my experience (23 years), I will tell you that attorneys can be fed one of two ways. 1) appetizers or 2) five course meals.People see items such as operating agreements, contracts, etc, as a check the box kind of thing- "my bank requires an operating agreement so I will use my favorite attorney, Google, to obtain one".  

The difference between a Real Estate Investment & that of a stock investment is the ability to use the bank's money.You can't have a bank pay for 3/4 of your stock.

Some people consider a loan from the bank using "other people's money" or a credit card advances as "other people's money" but really it's your debt that you owe, interest you will pay, etc.  

One of those 5 loans has now completed a short sale, and I got back 94% of the principal (it hasn't hit my bank yet, but I'm sure it will), which represents the net proceeds.