This is after covering all expenses and setting aside a certain amount for reserves to cover future expenses like capex or vacancy. 

Prioritize quality locations.Keep healthy amount of reserves per property, hire a PM, and hire a tax friendly CPA(not planning just prep). 

I will still use alt. lenders from time to time depending on the circumstances but I will also achieve similar LTC financing through traditional banks and when I go to my capital partners with a term sheet for 85% LTC through a traditional bank with a fully capitalized interest reserve, healthy contingency funds and soft costs built in and the real estate great, its far easier to raise capital because far less equity is required to fund the deal but this all starts with the quality of the real estate.

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 :(

Reserves: Do you have enough cash reserves to handle unexpected costs or delays in refinancing?

Each lender can use their own methods of qualification on commercial properties, and most look mostly at the asset (with the exception of your FICO, experience level and reserves). 

Do you have cash reserves for capital expenses and improvements? 

That covers the down payment for the purchase, the rehab, and the $18,000 for reserves for the account, and $5,000 for me for each property for the time and work involved.

., leaving it primarily to the platform's messaging system or texts has worked out so far, reserving direct phone contact for requests or emergencies (which saves time).

I would just make sure you're saving for reserves and expect that first year to be really about learning the house.