A guy falls off a ladder, into a hole, hits his head, etc. etc.  

Appreciate the info.Thank you everyone else for your input as well - glad to get a couple hits on my first post!

This can be quite a tax hit.

It seems I am hitting a wall at every turn when I just would like to purchase a property, fix it up and either sell or rent.

Anyone have any ideas on how to find a project in Bergen county before it hits the Mls? 

Hit 'em up with your questions - one of the reasons I chose Grand Rapids was the level of support I received from local investors. 

Here is more information on that: http://www.phila.gov/Revenue/businesses/taxes/Page...If you have any other questions or concerns, feel free to hit me up.

Thankfully, Northern VA area has robust rental market, so I would rather buy something that doesn't have an existing tenant and then put a brand new tenant, and that way have full control. 

A friend of mine got hit for $5,000,000 for a house he bought at tax sale.

If the project has a significant value add play or is spec development, you're risking a huge loss or extension of your repayment if a recession hits.