I'm live in Old bridge, NJ and due to high property taxes in New Jersey, PA seems like the best state to invest in(Tavel time ) I'm trying to identify rental markets and research, while trying to establish a team.I've done some research and came up with a few areas in PA include Allentown, Lehigh Valley, Bethlehem, Scranton, reading and Kutztown I'm hopping to cash flow between $100-200 per unit is possible (with property management), and can reasonably expect some appreciation in the next 10-20 years (2-4% per year would be ideal, though achieving positive cashflow on my first purchase is my #1 focus).

Whether it's hidden gems or established areas, I'm open to exploring various options.Here's where your expertise comes in:- Promising Markets: Based on your experience, which areas offer compelling opportunities for cash flow and appreciation within the $150k range?

Is there documentation I need to establish for when the tenant leaves?

Establishing a working relationship with a CPA can help you make informed financial decisions, stay in compliance with tax laws, and achieve your long-term financial goals.

I established a mgt co (PM) for myself early on. 

In NC, the note establishes what is owed, to/from whom and under what terms and the deed of trust binds the note to the property.

You might also want to look at how established the company is,  how established their accounts are, and whether or not the company is growing.

If they are already in close proximity with an established presence, there would be little incentive for them to relocate unless your property is a substantial upgrade.

Property was mismanaged for 12 years and is in need of major repairs, 30,000 sf of parking lot to asphalt overlay, 8 damaged sewer lines, on and on.

In order to investigate this option, thoroughly investigate the market, establish investment criteria, assemble a local team of experts, investigate financing options, investigate potential properties with due diligence, and be mindful of potential risks like difficulties with remote management, market fluctuations, tenant turnover, and regulatory variances.