Hello, I am looking for a contractor to do a rehab in Villas, NJ on a 2 Bed 1 Bath Bungalow.

A great commercial local bank and banker that you know personally can open many doors I know it has for me.I am very old school. though.. other than having my account on line..

There would be a line around the corner for the open house.

But if you have it in your mind your going to have long term cash flow.. then that is something altogether differenet.what happens 3 years down the line and your note partner who is co bene and doing all the work gets hit by a truck and is no longer here.. 

This house was built in 1920 so it’s either they stuck with coal until gas lines were installed, they had above ground tank and they removed all the piping, or they removed the tank long time ago (town doesn’t have record of tank removal permit) or it’s somewhere under the front porch which is reinforced concrete porch.

To limit exposure, I was thinking of buying using my Line of Credit, and paying it off with cash: basically acting as my own bank.

This is where you compare features (such as garages/pools/beds and baths etc.) of the subject property with the comps, assign a dollar amount to those features, and then adjust the sales price of the comps up or down as appropriate before calculating the subject's ARV based on those adjusted comps.This will hopefully help you nail down a more accurate ARV for your property.Feel free to reach out if you have any questions.

There is a 3 bed 2 bath listed for $60,300 as foreclosure.

You can continue to push the enevitable down the line, roll it into another investment, etc. 

Make whatever choice you make feel like it is the best for you and you are happy with your choice whether or not the type of loan you make and how that is in line with your goals.