It depends on the property.... is it value add where there's also a construction component or merely a management improvement opportunity?

I property manage STR in the cape cod so this is actually good info

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

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

No, you can manage multiple markets in one account.

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 :(

Start by going to www.narpm.org to search their directory of managers.

Hey Rachelle, I'm a broker and investor up in Sacramento, and manage about 100 investment properties, almost all Airbnb / STR.

You'll let them break their lease and hand them cash.I manage 400 rentals.

Then, start building your connection with local agents, contractors and property managers.2.