Run their tax id's through state and federal levels online, etc. 

I am basing my understanding on federal law that does not remove current lease terms after foreclosure, in order to protect the tenant. 

I am doing a Va loan through Navy Federal Credit Union.

There are no federal taxes due on the sale of your residence, but I don't know about state taxes in NJ.

A homeowner has been in foreclosure for a couple years and has filed motions against the mortgage holder, its counsel and mortgage advisors asserting that they did not have legal authority to schedule a sale, that they failed to obtain proper, legal valid assignment of mortgage and power of sale, that the foreclosing party is in violation of Federal money laundering and wire fraud statutes, that there were violations in Truth in Lending, that he filed for bankruptcy, that he had a binding arbitration underway, etc. etc.  

When some jerk says that climate change doesn't exist, and they're from NJ, I remind them their federal tax dollars are being spent every year just to keep up with the problem.Anyway, besides the environmental concerns, @Jaysen Medhurst is correct, typically you deal with more tourism at the beach, which means shorter term rentals, being more hands-on, etc.

You will be committing federal mortgage fraud.

You need to carefully consider how the location is likely to perform in the future.Initial Return or Long Term ReturnThere are excellent studies that show a strong correlation between property prices and rents, such as this Federal Reserve Study.

If you find out any more info, I'd appreciate it if you could pass it along- I'm tempted to contact my senator, who ends all of his communication with "if you need help with a federal agency..."

Look at the federal rates right now!