We are looking for a home for my husband in California and the market is so diluted with terrible and overpriced homes, that we are thinking to go outside the conventional box.

what is the monthly delta? 

After college I got a job down in Northern NJ and my wife is from here.

What if your occupancy rate is 90%?

Do it, it is worth it. 

The last thing you want to do is to buy a sub-optimal asset or location where your initial equity down payment evaporates and goes away. 

Trustor will not permit any change in any license, restrictive covenant or easement without Lender's prior written consent.Now the practical answer is no one is coming to check on the property most likely, and unless you default no one will likely care.

$390 cashflow, ±20% CoCMy worry is that the area is not that great (is it ok?)

My wife has a house with a small mortgage left on it and long story short...one of her kids is the other "owner" of the property.  

@Jay Jones  what state is the property in?