--which allows me to pull the money out immediately, up to 70% of appraised value.HOWEVER, I'm also under the impression that that number is capped at the purchase price, regardless of equity percentage.

I was thinking notes, but finding good notes in an area I'd be willing to foreclose in is difficult, I only know of PPR notes and FCI Exchange. 50k doesn't seem like enough to get into lending and I'm not an Accredited investor. 

You also don't "need" an accountant as the bookkeeping and as tax preparation for a single deal are not super difficult.

Citibank caps ALL California second mortgages to $300k (over-levereged here maybe?)

This clause is written in our lease in BOLD CAPS!

When we identify a problem (for example: a fire hazard in the electrical panel) we'll recommend a specialist (an electrician) to fully evaluate the problem and prescribe the most appropriate fix.Back to your specific question:  if the basement walls and ceilings are covered it will be difficult for anyone (including a structural engineer) to evaluate for structural issues. 

To make this deal work, I would need to pick it up at $1,975,000, which would be a CAP Rate of 8.92%, providing me with a Cash on Cash ROI of 11.84%.

North Jersey is a tough market but with time you'll find it is not as difficult as it first appears.

If you are in many states, this can be slightly more difficult, but there are several options out there.

Therefore, that makes for better opportunities with multifamily apartments, anything 3-5+ units, because if you analyze a specific property, its true NOI (not proforma), and the market value based on the current CAP, then you can make the appropriate offer.