This has probably been written about on these forum's or in a blog countless of time's so you could google and get this information.The short answer is you need to know everything so ask a lot of questions.

I would be open to short term mentoring with an agreed upon financial arrangement.

Long story short, make sure you are the one that has the answer to "OK, so you like it, how does XYZ sound".

As I do not have as much cash on hand at the moment and am looking for an attractive return, I am looking into the Newark area, some parts of Jersey City and Trenton NJ.  

Of course you can apply to have it released, as in a short sale,maybe for a small fee, right away.  

This makes multifamily attractive to many tenants and investors.

Trying to negotiate a short sale but if the wife isn't willing to cooperate then this thing is going to foreclosure.  

Matt,Will respond to your email shortly.

I am looking to get a 30 year fixed mortgage shortly (construction to perm to be exact.) and am trying to find out the best way to file 2016 taxes to increase chances of approval.

Short answer, we bought at a price somewhere between actual value based on actual numbers and what it would be worth when run by a reasonable operator.