And this was no short sale or foreclosure either.  

Upon discovering the issue I reached out to their investor line and they remedied the situation within a few weeks.

The property became a short sale, and was on the market for a year.

If not, you may discover too late that what you thought was an unencumbered property already had a lien on it, making your "first lien" really just a second, or worse.

It would allow you to invest in some short term notes, maybe with builders, to keep your money earning a net return while only being committed for a short time frame.  

A house in my area, listed for about 130k, needs work, bank will/wants short sell (sale?)...

Hi @Liz White - I'm sure you've discovered this information already, but I wanted to share it with you in case you haven't seen it (directly from the NC Real Estate Commission):"...requirements for an applicant who holds a current real estate license in another state (or U.S. territory or Canadian jurisdiction) that has been on active status within the previous three (3) years and that is equivalent to NC's provisional or "full" broker license." --- view the requirements here.

On top of this, it is a very walkable city with great parks and access to water (Hudson River or Newark Bay) and a cruise line.As a heads up, Bayonne will be going through a tax revaluation shortly.

I mean, here’s my short answer—If you’re new and want to jump in the game, if it was my situation— I’d make an offer below list price, make sure remodel is legit, and verify those suggested rents. 

@Assaf Kehati Short answer- yes, it's the perfect time.