Conversely, AREC is VERY strict about enforcing the law when the actions are discovered after-the-fact and do not comply.  

The Trustee of the trust (a party you determine) can be discovered, but the beneficiary (you / your estate) not so easily, if at all.

I refer to this process as "The Success Cycle".As long as you continue the process of taking action, noticing what's working and what's not, making changes and taking action again, you will eventually either succeed or discover that your target is unreachable for what ever reason.

As you will soon discover, the competition for small multifamilies in Jersey is beyond tough.

You're going to need to be buying this think at a steep discount from retail to make it worth your while, there will be a never ending supply of hidden repairs you will discover on this thing long after you rehab it and have it rented.

First post here - Have been lurking for about a week, since I discovered this forum.

If you want to refinance based on ARV there is usually a seasoning period. 6 months is a common seasoning period to finance on ARV, but as you have discovered, banks can choose to set their requirements differently. 

When I first discovered BP I was spending a large amount of time scouring the forums looking for every nugget of wisdom I could find.  

The homeowner had not made a payment on it since 2008 and the current balance was approximately $53,000.During the due research process, we discovered the homeowner was current on his 1st mortgage, which means he would likely want to keep the property and settle the debt.

That would eat your bankroll pretty fast.Also, I don't know what type of "home runs" you are hoping for in D areas... huge pockets of oil being discovered underground?