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 :(

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

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

Long distance investing/managing is an obvious for me since I move every couple years, but I retire from the Navy in 5-7 years, and I'll finally settle in one place. 

@Alison EvansI could not imagine managing 48 doors!

While qualified dividends get preferential tax treatment, real estate offers:Depreciation deductions1031 exchangesCost segregation opportunitiesHome office deductions for your management activitiesAnd more!

Nita Cook is a great property manager in the area for short term and long term rentals.

- Who will manage it?

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

@Jeremy H Barton - I'm an investor, flipper, and property management owner.