Trust me, an extra couple of weeks of vacancy to find the right person is much cheaper in the long run than missed rent and eviction costs; and that doesn't even include the extra stress and anxiety from it. 

Is there anything I'm missing?

Any patching and touch-ups should not be noticeable.- All hardware should be present, property secured, and in good working order (e.g. door stops, light fixtures, faucets, toilet paper holder, hand & bath towel bars, drawer/cabinet pulls, hinges, door knobs/locks, etc.).- Carpets must be professionally cleaned or, if necessary, replaced if there is excessive wear.- The yard must be in good order with no debris, either natural or other.

Are others playing the long game and hoping for appreciation or is there something I’m missing with the economics of North Jersey?

They’re also the investors who miss out on the transitioning neighborhoods because physical observation is the best way to spot the neighborhoods that are transitioning real time.

Am I missing something here?

While your parents may have experience and a simpler approach, even with just two properties, you could miss out on key deductions like depreciation and interest without professional guidance.

Is there any details I am missing her that would she some more color into the length of the situation?

But you will never get a GOOD Contractor to work for you when you operate like that.And you missed all the examples of what can go wrong when the customer puts themselves in charge of materials acquisition.....wrong items, wrong sizes, too many, too little, on and on.....

My license has expired and since coming across BiggerPockets, it made me miss my interest in real estate.