ANYTHING not pre-approved will not be reimbursed for (unless its an emergency and you cant be reached fast enough)....

The Federal Trade Commission watches trends in reports, they don't address single reports.

I don't feel there is one answer to this question as every property is different and what are your goals, how much time do you have to manage, what are your strengths when it comes to working the trades, people skills, etc as that will help drive towards your super power. 

I will also emphasize the importance of keeping at least 5% of your gross rent income and allocate it toward emergency situations each month. 

Don't use your emergency fund. 

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 :(

R  Resevres:  Needed for downpayment and Emergency Reserve.  

You should jump into the weeds as long as you have a few exit strategies, know the market, have a stable 9-5, and emergency savings.

Once we missed the closing date, the seller wasn’t happy & demanded the EM of $10,0000 be released to him & put the house back on the market.We ended up with an extension only because we had been in a state of emergency and the lender had 8 more days to come thru & they failed us!

Great insurance agent, great realtor, great lender, great attorney, great title people great trades and others.A great realtor can save you time, money, frustrations, headaches, and keep you out of a lot of trouble.