Here are the details I have:6BR/6BA Mansion with outdoor firepit, massive EIK, every amenity imagineable.The home is currently with a luxury auction company.The auction rep told me there were no other bidders lined up.

Luxury?

As long as you never buy or create a negative cash flow property you have the luxury of holding on during the storm or the changing market. 

@Anthony Horner  Feel free to send me a PM and we can have a quick chat and I can give you an idea of what I, along with several of my investors do to house hack, from renting by the rooms in their condo to a luxury home near the beach and of course multifamily house hacking.

With the development of the are have come brand new townhomes and luxury condos priced 2.5-3X the average rent of the area.

(Low income, medium income or luxury investment deals) You mentioned house hacking, which are all possible on all of these different levels.

Negative side of Light rail is  crime, I think little bit high, because free people commute to Bayonne for free roam around, do steal from backyards etc.Multistory buildings high luxury apartments will invite high profile NY employees to Bayonne, but rent may come down due to more supply.

Being former military has actually given me a special opportunity to focus on real estate without worrying about more income, although I sacrifice luxurious spending for the time being. 

You might get a little bit higher on the first time around if the seller has the luxury of holding out for a higher rent or does some sort of lease special.

I manage properties from small luxury apartments with one  bedroom to Villas 1200 sqm.