@Lori Jones No lender will lend to you without a stable source of income.

@Nicholas McDowell The weekly rental amount shows me the tenants may not be stable.

We always prioritize income and job stability as #1-- that's your source of income, so how stable is it?   

No check on the front door he pinned the 3 day notice.. pretty efficient really.One issue you have in some areas of the country.. is that a good portion of your rental stable has no checking accounts and cant get them... so they have to go get money orders.. or pay in cash.. so the on line stuff does not work .. plus they are not super computer folks either I mean I cant even pay on line.. never could figure out how to do that.so if your going to PM or landlord to that renter you have to accept personal visit or in the mail. 

Just enough to avoid  PMI, which is a total waste at $75/mo per $100k borrowed.If I could find stable assets like you mention that are 1.5% producers I'd buy as many as possible at today's resi rates.

Regarding the financing, here's what we grabbed on our last deal:Term: 25 Year Amortization, 5 year balloon, 1 year IOAlways shoot for non-recourse; unless the property is not stable (<75% vacancy) non-recourse should be an option for you.Most banks will want to see you have 6+ months of operating capital just in case, especially in a recourse situation. 

My opinion is unless you desire to speculate on the Jersey City Housing market, and find that the ~400 loss per month is worth it to have skin in the game, then I would sell.Based on the wording of your post is sounds like you prefer stable cash-flow properties to speculating on the market, but both are fair strategies when properly applied

I figured now's probably the best time to take some risks given that I'm financially stable and have build up a good amount of savings.

You may have to look for a while and be patient, but these are stable neighborhoods with good potential and rising property values.  

I am getting ready to pull the trigger on a rental and was wondering if I could go for a couple months with out one (3) or should I have one in place from the onset...the property has a stable tenant in place, I do have lawn care and a HVAC person.