Of course the bolder the target, the less likely it is and probably less than .01% of people could pull this off.More realistic advice is to get as high of paying W-2 job as you can, save up, put 5% down on a 2-4 unit, manage the heck out of it, and then leverage that experience to do a larger deal using OPM.

@Ashley Guerra - I live and invest outside of Philadelphia, so I can't comment on your specific markets in central and south Jersey, but can provide my perspective on things to think about to help your decision.1) I would consider speaking to 3-5 people/investors in each market you are considering (central and south Jersey) to listen to their thoughts on pros/cons of the area and how they invest.

-AlexYou’ll be able to qualify for the tax deduction and the Like-Kind Exchange based on how you structure the deal, but yes to both possibilities  

I have already analyzed my deal in the Rental property calculator, its coming out a negative COC ROI.

The lender will fund a large percentage of the purchase price (up to 85-90%) plus the full rehab costs.

Make sure they pay for the repairs, but don't charge them $250 for something that cost you $50 plus time, be fair.  

Its usually best to go the permit route when adding bathrooms ect but comes at a cost time/expense wise.

And while I've had to file for eviction a few times (each over past due rent), none made it to the point of a Sherif put-out - and again, no serious damage done.

My wife is working with a few people on deals now— It seems that the turn key properties are a feeding frenzy, but there are some that either don’t come furnished or need just a minor amount of work that everyone is passing over.

The people involved in the transaction may know the lender and their reputation to close deals giving your offer an advantage.