@Ashley Guerra - I live and invest outside of Philadelphia, so I can't comment on your specific markets in central and south Jersey, but can provide my perspective on things to think about to help your decision.1) I would consider speaking to 3-5 people/investors in each market you are considering (central and south Jersey) to listen to their thoughts on pros/cons of the area and how they invest.

You will constantly hear of  shortcuts during construction and the conscientious decision to use lower quality materials during the renovation. 

You want to bank reserves there to see the future cap ex because if you don't, you get another property and then two furnaces go out in the winter at each and you need 20k and now they both cashflow nothing.Your asset will appreciate and you can value add to rent add by making smart decisions on upgrading tenants.

Research is helpful, but some sites like this one can give the idea that there's an absolute "right" decision.

Sounds like an internal policy decision that you will never win, regardless of any reasonably prudent measures you take.

It was a shakedown.At least try to speak with an attorney before you finalize your decision.

I ultimately chose Columbus Ohio and have been pretty happy with my decision. 

They ultimately walked away because this fund requires "a seat at the table" with key decision authority on when the asset can be sold or refi'd.  

They will likely just use their best judgement and not spend 100 hours researching the laws to make their decision. 1.

We want to take the complexity out of this decision making process in order to support cost control and finding monetization opportunities for properties that have fully electrified.