Of course we are prepared to adjust our offer based on any significant findings during the inspection.   

Of course you may ask.

Of course there would be property management afterward, but those would just be paid via cash. 

I'm not looking for the best rental markets but markets that work favorably (but of course if I end up in one of the best markets that is a plus).

Of course I am an investor myself!

What @Steve Vaughan is saying I believe is that, yes you can pay off a private money lender because they are just a lender and when you pay them back with the interest promised then they are paid off and you own the property (except for the underlying mortgage of course). 

The buy in is more expensive of course but hard to put a price on experience.

This will allow you to get a FHA 3.5% down payment loan. of course, this would require you to live in the building, if that isn't something you are willing to do you will likely need a 25% down payment for a pure investment property, in which case you are likely going to have to look out of sate, as $20K isn't going to get you 25% down on anything near you.

I would love to be near the Glen Ridge, Bloomfield or Watsessing train stations ideally since my wife needs to commute to the city.

Of course I have his name and address (it's actually a business address) from the tax record and, of course, I've sent him mail.