My main interest is to buy and flip in Northern NJ, and develop strategic areas to apply Brandon's Brrrr strategy.I am looking forward to developing lasting business and personal relationships other like minded BP members!

This assumes you are using hard/private money and paying commissions to an agent.To a person, the experienced rehabbers we know who can't find a decent deal, will just sit on their money until they find a viable property.

When a property averages less than a 7 day rental period over the course of the tax year and qualifies as a non-rental activity, and non passive tax treatment, how is the rule about personal use affected?

As I'm sure you've seen (I hope) there isn't much going on in that part of the state and I personally would stay away.

I know the obvious suggestion will be to acquire personal equity, but I wanted to know if any of you have successfully used creative ways to fund your first investment. 

I look at the person paying me rent as a place holder.

Since your in New Mexico, what's the architectural style and approximate age of the house?

We put together a schedule of real estate owned for our personal financial sheets which compliments our balance sheet.

How does the process work if a person who is going through foreclosure doesnt want to sell and wants to try and save their condo, could a note investor help that person?

Great idea about seeing if someone is available to check on the property in person for me..