Send them a written notice of non-renewal, following your local laws about how much notice you need to give.

However, I would encourage you to Network work local real estate clubs in the PA/NJ area to help identify your target market and ideal investment for your first property.

Here in FL in addition to management I also broker for investors, and curate a weekly vetted STR list with local homes. 

Thanks as always.RL Local PM here, we develop and have a wide portfolio, happy to model a cashflow analysis and if possible, find ways to increase your properties income.

To look at it from the other side, as a private money lender in my local market I need someone to find me the deals.

That being said, your typical cost of capital is as follows:EquityAgency debtBalance Sheet local lenderDebt FundPrivate DebtPref EquityHard Money DebtBookie/Loan SharkOther things that will impact capital sources: are you wanting to finance the improvements, or will you pay for those from equity/cash flow?  

I am a local investor, lets connect, Michael!

You can contact some local property managers and get a better idea of the rental market.

I want to remain local in NJ or at most drive down 1hr to PA (self-manage or, last resort, hire a PM)However, I must also consider maintaining reserves, a safety net for my primary home, and an emergency fund.It's just hard for a new investor now :(

Running numbers, networking, and talking to local investors will boost your confidence when it’s time to pull the trigger.