But some places are old and just haven't updated such rules so maybe you could explore it. 

Take your time and fully explore the blogs, podcasts, webinars...don't forget the tool bar above to learn as much as you can about REI.

Below are some links to get you started.https://www.biggerpockets.com/renewsblog/2013/04/09/how-to-buy-a-small-multifamily-property/ (How to buy a small multifamily property)http://www.biggerpockets.com/renewsblog/2014/07/19/how-to-buy-a-duplex/(guide to buying a duplex)https://www.biggerpockets.com/renewsblog/2015/11/16/how-to-choose-areas-multifamily-deals/ (Choosing multi-family deals) BP Podcast 061:How to Succeed in Multifamily Investing – A Unique Conversation with Josh, Brandon, and BenBP Podcast 131: Investing in Multifamily Properties in a HOT Real Estate Market with Serge Shukhathttps://www.biggerpockets.com/renewsblog/2013/03/07/profitable-ethical-landlord/ Much success,Jesse

This is just unique to me.5.

Jack,Each situation is unique and each should speak to you.  

I too have been exploring opportunities in the Monmouth County area.

It doesn't matter if you are young or old, totally new or need to build upon your experience.Yes, you have just announced a commitment to the thousands in this community about your seriousness regarding REI and have taken this bold step to affirm it.Your time on this site and with the BiggerPockets community will be well spent and can be financially rewarding if you so desire.You are here at the Forum, but, should raise your mouse to the top and explore the otherheadings displayed.Don't get overwhelmed by the massive amount of data archived on this site.Simply, bone up on the areas that you need to expand knowledge in such as, Forums,Marketplace, Learn, Network, Analyze, Resources.Feast on the Podcasts, #askbp Podcasts, blogs, webinars and the myriad of bookrecommendations.Also, you can review the quick links below to help solidify your grip on this site. http://www.biggerpockets.com/starthereSetting up Keyword AlertsHow to Use @Mentions on BiggerPockets25 Tips for Real Estate SuccessAfter becoming more knowledgeable and confident because of my above suggestions,take action to snag your first real estate investment deal if new or add to yourexisting holdings if you have prior experience.Don't get caught up in analysis paralysis.You must immerse yourself in the RE marketplace locally in your neighborhood or afar if the situation warrants it.Take calculated risks if needed and you shall be rewarded!"

I am blessed to have a potential connection to a private lender who may lend at a rate of 6-8%, and want to explore this option.

Unless you're a real estate agent and can perform the short sale yourself I don't foresee one paying a "fee" to take one on- they can be very tedious, time consuming and sometimes banks will reduce commissions which makes for a whole lot of work for little pay.Now, if you could be the actual end buyer on the deal (short sale)- then that would be worth exploring.

Thats why the ARV is a lot lower, I am normally more in the $70K range.Also there is an HOA there making it somewhat unique.