I found a property I like on the local tax auction website, but instead of waiting until the auction date and bidding, I want to try to reach out to the property owner or manager to see if they are willing to sell it.

I found a property I like on the local tax auction website, but instead of waiting until the auction date and bidding, I want to try to reach out to the property owner or manager to see if they are willing to sell it.

If you think those you mentioned are different, wait til you start pricing them out.

Insurance in "100 year flood zone" is quite expensive, thousands per year.

Why should he stop it and wait for the unknown?  

@John WoodrichThe only thing I'd do different that John Woodrich mentioned is I'd wait for the 2 year for no tax or in my case whenever I BRRR- sell after 1 year and a day to utilize long term capital gains. 

@Jeff DullaI did read that, and am waiting a response back from my lender.So am i interrupting, that if I sign the document indicating the new purchase is going to be occupied.

I know at the airport I fly out of, there's around 300 people on a waiting list for a hangar. 

I am seeing prices for light rehab (some Sheet rock, paint, grout, caulk, moldings) for about $3,000 for a one bedroom unit- I mean there are so many ways you can define what is light rehab vs medium etc- but I got a few quotes for painting/some sheet rocking, new moldings, etc and that seemed to be the range (like 2500-3500$ for a one bedroom) including materialsplus an additional 300$ to clean out debris, and window repairs I'm still waiting on separate estimates for but can share information on what I get back :) 

I am just spending the remaining months in NJ stacking the cash and my plan would be to wait tables nights and weekends and do commercial real estate during the day.