In a few select coastal areas prices are outrageous, but that is in spite of more strict credit rules and a larger safety net. 

@Ryan R.You want me to clarify "jeopardize your tenancy" well doing illegal drugs as a tenant is non-compliance with lease  & the  Crime Free/ Drug Free addendum  so if the landlord chooses to Strictly enforce the terms of the lease it would cause the tenant to have to respond to eviction action and go to court to explain the reason they don't think the landlord has a reason to kick them out because they were just doing "POT".  

So...what bank/regulations allow for any of this to happen in under 6 months?

Take these basic terms to your attorney, financing your own deals really isn't a DIY thing anymore, after you've done a few under the new regulations you might cut your teeth on one later on, but not for your first note.

When he was stationed in Japan/Bahrain, or anywhere, they get $2000 for housing, normal rent there is $1000-1200, since Jap govt is very strict and their military agency checks on the landlord, the landlord has to be a Jap citizen and all that.

@Chris DeSisto it is a little different depending on if you work for an insured depository regulated by OCC, OTS, FDIC, FRB and NCUA or the Farm Credit Administration.  

I am not sure about the rules and regulations but it sounds like you got that figured out above.

My estimate is accurate for nice bronx job, PROBLEM- An investor /lender from NYC would not lend to me in Nwk bc he says that he was there previously and he found that he needed a permit and inspection for anything/everything, Also that contractors are more strict and costlier bc of this.What do you think?

If your intention is not to be an agent that represents others buying or selling homes, and strictly want to work on buying and selling your own properties, I would suggest avoiding the big Brokers (Keller Williams, Remax, Century21, BHGRE, etc).

Since lenders can't go to auction if they are considering a short sale, most lenders have strict rules that they won't consider a short sale a month or two leading into the auction.