If you find deals frequently and with relative ease (I sure as hell don't) then take the easy cash at 145-150 k rather that's selling to him or anyone else willing to pay 150 in its "as is" state.If its a lot of work / stress for you to find deals then maximize your profits and fix and flip it with a PROVEN General Contractor to minimize the headaches.

look for people on the "farm list" who show up frequently. 

For those who have used the FHA 203k loans are those of the uninsured variety?

These absentee owners are people who own properties (for a variety of reasons) but do not live in said properties (landlords, inherited, etc.).

It's not typically listed as a "frequent report"...but should be found under "all reports". 

I would suggest booking a trip to come out, see a variety of neighborhoods and price points and pick an area or two that you feel most comfortable with.  

Feel free to ask questions in this community, we have different varieties of skills on this forum. 

Mike,In alot of NJ towns basement rentals are frowned upon by the down due to egress issues, ceiling height and a variety of other issues.Soudns to me like you have a legal 2 family with another apartment in the basement.

There's no particular order but variety is always good. 

If you are starting out with little cash reserves you may need draws very frequently and it can really cut in to your margins.