I recently helped a friend who was in a similar position - looking to tap into equity for a rental property purchase in Phoenix.

I'm pretty easy going and always down to make friends, so if anyone is around here wants to connect, let me know.  

Everyone says to find properties and build a buyer's list, but neither matter if you can't calculate the repair costs and also get access to a friend or colleague who has MLS so you can do a proper and real ARV (the other part where all wholesalers fail).

Quote from @Todd Fullerlove: Howdy BP friends,I just relocated to Knoxville, Tennessee, Tennessee.

I would also find out from your friend if they have increased the rent since that tenant has been in the house. 

Here is my experience, and my regrets: https://www.biggerpockets.com/forums/922/topics/1133476-hous...At this stage, Zillow and a mortgage calculator are your friends.

Best part is NJ is not what its made out to be in terms of landlord friendly, the state gets portrayed as the entire state being bad when really most wacky laws are in the major cities and they apply to 5 units or more.  2-4 unit multi families fly below radar per say. 

NV is a landlord friendly state with no state income tax and the 4th lowest property taxes in the US.

Do you want tenant-friendly or a hammer? 

@Anshuman ThakurThere are some very good advantages to investing in Nevada, low property taxes, no income tax, and landlord friendly.