After that was approved, it was all installing new sheetrock, mudding, taping, and painting@ You'll notice we left a half-wall to start with.

This includes checking for things like termite mud tubes or signs of rodent activity.

I always require 1st month, last month and security deposit (3x the rent total) and that weeds out a lot of the undesirable tenants. 

The sheetrock and mudding is finished.  

I am thinking of placing some security cameras in the laundry room and in the parking lot as well as motion sensor lights as the lot currently has no lights and I’d like to lessen my liability from theft, falls, undesirable people, etc.

My wanting to help out some young people (the first time) resulted in police on site for domestic abuse, social services checking on child welfare, non-payments and about $2500 in damages after they finally left (holes punched into walls, damaged carpets, etc)I'm not saying don't take a chance, but make sure the rental rate is not lower than the market (which attracts undesirables at times), and do your due diligence!  

We have high property tax but do not have to deal with MUD which I don’t know too much about or the Flood insurance which is easily avoidable in NJ.

"two men look out the same prison bars, one sees mud, the other sees stars"

Yes, late April and May are considered "mud" season up there and folks turn their attention to summer sports at that point. 

I would also compare mud taxes, some of the older established neighborhoods have a lower tax rate.