I don't have a dog in this fight, but if he were, he'd eat those two. 

They will likely eat you alive in cost if you do find one.

@Matt Rasich -  Well, I would never buy a condo, we have high HOA's here so it eats your CF and a lot of our HOA's have rental restrictions, even if they are not currently enforced they can be.  

That's who I'll tell them we are in case anyone comes in and asks.Come hungry, they will expect everyone to eat. 

Capex, vacancy, maintenance/repair, and property management eat you up.

Steve, A lot of North Jersey areas have high taxes that might eat into your profits.

Hold the property for 3-5 years along with my personal residence until the market has come around, and sell my properties.I know you can potentially make a higher return on investment if you can flip the house, but my concern is that the house will stay vacant for far too long (because it's competing with all the under priced forclosures) and it will eat up a lot of my potential profit in holding costs.What about buying a foreclosure, fixing, getting a tennant in, and then marketing the property to investors.

How big is the eating area in the kitchen?

His alligator is eating him.

I own the house free and clear(the house is a double with 2 addresses ex. 500 / 502 oak st.)I plan to fix the house and rent it out, also I want to hold onto it for awhile.Yes there is a cap of 10.5% and it says my monthly payment cant exceed $691 which could potentially eat into my profit after 5 years.Earlier today I spoke with the bank and the ARM is going to be removed.Question would a loan of $76000 for 30 years fixed at 4.5% be a good deal?