I wanted to start making calls to absentee home owners and distressed properties in my area, but have a big interest in pre-forclosures I would really like to help people out of a situation like that and already know that the seller has some type of motivation to sell.

Did you notify your insurance company that you now have a rental unit and tenant in the property?

Look for licenses, insurance certificates etc. 

My day job is partner in an insurance and tax accounting firm. 

  $19,000 left.Carry costs (loan, taxes, insurance)

These questionable assignments have been used by bad actors like Ocwen to wrongfully foreclose on naive homeowners. 

Property Tax is $337.5/m Insurance is $108.33/m total comes to $2294.26.

I determined the value to be $1,506,533:Value = NOI/Cap RateValue = $135,588/0.09Value = 1,506,533I put down 20% ($301,306)I pay 1 point ($15,065)I pay for title insurance and a lawyer ($7,101)Total: $323,472"After your research, you decide to project a 3% annual increase for both the income and expenses."

I tried to get into 2 places in the nicer parts of Neptune, went so far as to write the offer, only to find out that the listing agent didn't list the property correctly and it was a HUD home owner occupied purchase only.  

Mortgage payment is $930... taxes and insurance are escrowed, plus $120 of that is PMI.