I am totally aware of the crazily high property tax in NJ that may eat up a big junk of profit (or even eat up 100%).I've been searching through NJMLS for last few months, scanning through condos for $50-$150K but then when I looked for the HOA and property tax, it doesn't make any sense to invest.I am here to ask for your opinion on this specific market:1) Do you think the idea of holding a rental property in Bergen/Hudson country is crazy and I should simply drop that idea ?

Prospective tenants wanted to paint the interior walls military style mottled camouflage green.

Eat at his restaurant.

The current owner will benefit from the shortsale but cannot eat their cake and have it too!

I eat a bowl of cereal, take a shower and jump in the ol Jeep.

The trim will eat you up, but you don't have to use the same material for trim.

We love the beach/ocean and will do more of that than shopping or eating out.

This led me to eat two months of rent. 

When you talk about "top of the gauge", do you mean top of the green bar?

To build A house, pretty much, get a good GC and you can learn.Developments, streets, buildings, subdividing......work for a local developer, no book can teach the political and local government issues you will encounter which can mean seeing green or red, learn from those that do it. :)