In addition, those terms seems too good to be true for a legitimate HML.We have funded many deals in NJ and we are local, I'm sure we can fund your deal if you want to work with someone local.

My actual cashflow is barely $100 and it would be negative if I were to factor in all additional costs(i.e.

In addition, locate the other wholesalers in town so you're getting deals from as many sources as possible.

You could offer to repair the property for an additional cost, this has worked several times for me.

Matt Andrews I'm interested in exploring multi unit opportunities in your market.

In addition the bank could take forever to get an acceptance and the interest rates might have changed by then affecting the price you can pay etc.It helps waiting sometimes if market value is rising and you have a set price but if the market is going flat and interest rates rise or market prices go down it can be a negative.No legal advice. 

The county said 2-4 units were no problem but 6 would require additional approvals.

Good luckEDIT: In addition to all of that, make sure it's still a good deal for you in the end.

I'm new to real estate investing and I'm exploring the idea of using money that I have tied in a 401k retirement fund in exchange for an investment property.  

If you don't want to borrow anything additional, you would be doing a rate and term refinance.