Anything in particular that you bring to the table in terms of special skills, prior experience, qualifications or other things that you feel will help you get started?

Agency rules and regulations are set at the state level.

At a high level you can buy and hold or you can do things that result in short term positions (including refurbishment).There are many subtle variations and ways to make money with property.

You can make up a list of things you expect to be cared for according to your own comfort level.

So, UBIT comes into play to level the playing field.

Believe it or not - HMLs at this level are actually more common then at smaller amounts.

I am learning about zoning here in NYC and could probably apply the skills such as how to read (zoning text is sometimes not written in english) and interpret different zoning laws in NJ, where I plan to do my investing.

This is a group of average people from a lot of different backgrounds and skill levels.

I can see the fallout coming when the LTV is already too high and the "shortsale" brings the actual purchase price down to a corrected market level.

If you're young and unskilled, using that cash to gain the skills and credentials for a good-paying job would be a good investment, IMHO.