Is there someone that can talk me out of this or help me decide the best game plan?

So guys, I am new to the real estate game.

Again, it's all about analyzing probabilities and then executing a game plan that's right for you.  

Currently a Federal Law Enforcement Officer and looking to invest in Real Estate in New Jersey. 

The reason why i am pursuing this career is because my father passed up his own property management company to make sure he never missed any sports games us kids were playing.

That's great that you have an accounting background, since investing in real estate is a "numbers game".

This is also a great time to enact things for tax savings during that year rather than playing the "If Only" game in the spring.If your tax preparer doesn't offer tax planning sessions in the fall, find one that does.  

Banks are at their old games again... loaning to people who shouldn't be buying houses, underwriting amounts that are outrageous and packaging and selling of off mortgages based on debt class.When I appraise a house I toss out the outliers (the lowest and highest sold) I then use comps like anyone else would.  

The objective of this post is to unite all other young investors who are new to the game.

But - if you have short term flips ( less than one year until sold), short term wholesale sales, etc - and if you do more than the IRS deems "part time" or "singular in nature" - the IRS can label you as a "Dealer" - if so...game over.