BUT I was also told that given the fact that both of the police officers to whom I had spoke knew of the previous owner and the company they kept (small town), that there is a "good chance" meth was used in the home.What do I do with this information?

Even so, I'd be hesitant to buy one of those Downtown without putting serious consideration into the upcoming tax reval, which could cause property taxes to soar for owners in this part of the city.However, not all hope is lost if you're willing to entertain options elsewhere in Jersey City.

What about if your still owner occupying but wish to move out in a couple months.. can you cash out refinance then?

There is a Meijer and strip mall with good restaurants and businesses nearby including a Whole Foods that helps garner renters, owners to the area.

Are you implying that it's a huge headache once a part owner is foreign? 

If you are looking to owner occupy, you may want to consider starting out, with buying a Duplex, TriPlex, or a Four Plex.

However there are other parts of real estate investing that has a lot to do with credit repair like Lease Options, Subject To deals, and owner financing.

If you finance through FHA and do not owner occupy, that qualifies as mortgage fraud..

When it comes to Multi-Family properties, a CO is required and if the property is not owner occupied, Philadelphia requires a Commercial Activity License. 

@John Alba Are you buy as owner occupy or investment?