Matthew, I'm a little biased because I am a co-founder/CEO of a landlord software: Burbz.With that said, I'm pretty familiar with all of our competitors. 

Hello Arjav - A co-worker of mine is a CRE leasing broker south Jersey in that market.

Obviously the co-signer was needed because of financial's, and the wife more than likely can't afford the place on her own, or the husband for that matter.That's one reason it's never good to accept a co-signer's except for student's with a parent's co-signing. 

With a short work history you'll need a co-signor, but get your parents to co-sign, and use an FHA loan to buy a multi-unit and do it soon.

I am wondering if anyone can inform me on taking out a line of credit from a Co-op, in terms of what lenders would you recommend?

LIFE-CHANGING ACTIONS here.STEP 1-20.You need to get you personal home rent-ready... not overboard updating, just rentable... clean and painted etc.Fix any leak faucets, loose doorknobs etc NOW, so that when your PERFECT tenant moves in, they won't be calling you to fix those.Put in new 5 Year Lithium Battery (write the date installed ON THE OUTER SHELL) of SMOKE DETECTORS (draw faint red stripes across the front outer shell of smoke detectors-- red means fire or smoke-- when the smoke clears (if the house didn't burn down) it's ok to reset the smoke detector and finish cooking dinner.ON CO DETECTORS (draw faint gray stripes across the front outer shell of a CO--teach your tenant the gray stripes mean DEATH-- if that alarm EVER starts beeping, they are to immediately raise windows , open doors and call you---even if its 2am--- A REPAIR MUST BE MADE or people can DIE-- little children and elderly go first

However you do not need to have a co signer if you simply decide you do not want this person as a tenant. 

A co-worker recently lost a family member and is now the executor of the estate. 

I've also had a co-worker/friend and spouse over.

This way, we are both on title, and when it comes time for him to buy his house, we pull his name off as a co-signer and he should be good to buy his own house.