As a property manager myself, I would also strongly recommend engulfing yourself into the landlord/tenant legislation that has been put into place over the last couple of years. 

Quote from @Bruce Woodruff: Beyond the very real possibilty that some overall good may come of programs such as the 'Down-payment assistance program'...there still lies at least a couple of flaws, conceptually and very real...1) The Gov't (we) are forcing people who cannot afford to even think about buying a home to subsidize those who are in a more fortunate position.

The site had a couple snags, but the Events team was quick to support me.

I’ve been saving for the past couple years and finally saved enough to put a large down payment down.

In fact, he carried it a couple of steps farther.  

Looking for long term financing on a couple of deals in Newark.

If you need a referral to a good PA in NY, shoot me a message and I'll send you a couple.

You can couple that news with the news out of China today that they have decided to cut their interest rate, lower Bank Reserves, (banks can lend more money) and make it easier for people to buy houses and they are also actively pumping money into their stock market which is to say we were going to have the massive inflation going forward.

Hope this helps and provides a different view pointI am overseas for a couple more years and I considered long distance investing.

I believe I make MORE money by charging less in large part because of the reduced vacancy.If you can keep tenants on average a couple extra years and basically eliminate a 2 month turnover you have gained 2 months rent.