Hi Tim,There are several effective strategies and resources you can use to stay informed about future development planning in your area, without solely relying on attending city council meetings:City Planning Websites: Most cities have planning department websites where they publish upcoming development projects, zoning changes, and long-term planning documents.

The financials of the property and applicants investing experience / credit history will factor into the proposed terms for the purchase. 

To top it all off after I sent in my information and statements I never got a terms sheet I was promised, just an invoice for 700 dollars payable to them from a link that they provided for the background check and appraisal.

Hi Chandana, More information would be needed to determine if this is good terms or not. 

Their model seems to be to short term rent (3 months) to insurance companies and then pay 1 or 2 months rent (late) to the owner and eventually just quit paying. 

Market research, getting pre-qualified, and walking properties gets you there.

The Programs includes or covers:- Up to $2.5B in second loan purchases- A maximum programs duration of 18 months- A maximum loan amount of $78,277- A minimum seasoning requirement on the first mortgage of 24 months- Only for Primary ResidencesThe effect of a guaranteed government backed second mortgage for homeowners would be significant and likely put eligible second mortgage terms in line with below market FHA and guaranteed first position mortgage rates. 

I live in New Jersey and would like to make this a medium term rental.

If the rents have rebounded or are way above the last major downturn then whatever you are experiencing is most likely a short term blip and you should "buy right" and ride the wave back up. 

Personally, I love Sherwood Forest for long term rentals, but there are tons of other great neighborhoods to invest in.