Always remember to do the math analysis and try to look at your prospective properties before you make an offer and possibly back out of the deal if something is found that is major and you did not budget for.  

The last time HUD cut the SEC 8 budgets - by 8% across the board I believe - every housing office decided how to apply the cut.  

Transactional funding would be my only option as I would not have the money to purchase from the seller outright with my own cash (on a really tight budget with this).

Did you not budget in these items and lined up the money before you signed the contract?

Can anyone recommend a contractor in the Northern New Jersey (Bergen County) area that they trust, and would be willing to walk through a property with my partners and I to provide a realistic rehab budget?

Areas to avoid  depends on your price ranges and family situation and especially your Budget .  

I also have suddenly hit the busiest stretch at my day job in half a decade, and I am over budget on the unfit already.

I spok with multiple companies. many did not want to even touch this job due to the liability involved or all of themwer to busy for such a small job (2 days worth of work).I got 2 companies that provded bids, one Union company cam in at14,000. 1 nonunion that came in at 6,500. while I knew the union guys knew hat they were doing, I could not afford to spend almost 20% f my labor budget on replacinga beam.

Lets says that there is no budget limit.What are the best areas for SFH flipping deals besides the north side?

(simply elect to not renew with a notice period you specify)2) collect rent on a more regular basis...I find that a lot of folks have difficulty budgeting for an entire month, so I collect rent via direct deposit every two weeks...3) as a last resort to avoid costly turnover, reduce rent to a figure that she can meet that still alows you to cover expenses...once she demonstrates ability to say...pay $950 for two months, raise rent to $1,000 a month for a couple months...then go back to full rent...It would also make sense to verify if she has had a change in financial circumstances and can no longer afford the rent...if that's the case, it doesn't matter what you do...she will continue to fall further behind on payments