How are you going to finance the rehab of a flip if you don't have a substantial amount of money saved up?

Should I wait until I have a substantial amount of generated income from properties I have purchased where I can afford to continue the acquisition of new assets and pay a mortgage on a home? 

If it was 25 years ago, it has no relevance today, however, if it was in the last 5-10 years you'd want to know how they added value to substantiate that new asking price.Best part about hiring a good Agent, is that their services are typically paid for by the seller through a commission split with the listing Broker.Have you been able to verify your figures?

Learn the different areas, within North Bergen, let's use Jersey City as an example, you can be in one area like The Heights which is a good market, then walk a few blocks away and the market changes substantially.

If you can find a foreclosure that you can pick up for cash, rehab it, and sell it quickly, you will learn a lot to prepare you for life after the Army.I appreciate this advice substantially.

My goal is to grow a substantial passive income from Real Estate and make money in other areas of RE outside of the basic "buy and hold" strategy.  

At least 50 percent of the assets of the business, valued at cost, must be invested in real estate which is managed or developed and with respect to which such entity has the right to substantially participate directly in the management or development activities.b.

Something is definitely up for that substantial of a drop so definitely do your due diligence. 

in practice though IRS rarely will move on a lien on a SFR .. unless there is SUBSTANTIAL equity... and most foreclsoures that people lose do not have SUBSTANTIAL equity... so even if they Lien it they have about 150 to 180 days to perfect.. cant recall which... and if they do they have to give you your money back plus statutory interest which currently is 9%... now you would lose any money you spent rehabbing.. you could make a claim for any money you spent to keep the home in good condition utls insurance etc.I have bought well over 50 properties at auction over the years with IRS liens and Have had only one were the Service stepped in... but that was an extreme outliersituation very very unique:one off attorney held the sale at an office building that is not generally used to cry sales..

I am in a pretty fortunate position regarding access to financial capital and am able to jump on deals, up to fairly substantial price.