@Ariel Hernandez you're not want going to want to hear this as you're looking for a quick, painless fix.Even dealing with relatives and best friends, you should always have contracts putting everything in writing.

I further suggest selling that property and investing in a state that is more landlord friendly, like Florida.

VRBO on the other hand is slightly more expensive but is much more owner friendly. 

What makes NJ good is being in areas with favorable land lording laws and proximity to transportation/NYC. 

I've got access to some realtor friends that I could probably get some comps from.

A friend of mine asked me to post this here in case anyone in the Dallas area has some input.  

I offer it free to all family and friends, just a shame to leave a beautiful home empty. 

If you had a good "investor friendly" CPA he/she would write off enough to give you the deductions you need to help counter your W2 or 1099 income.Reason I say sell the first home is even with $40K in equity its not worth it to do a cash out refinance.

Hello Friends. 

Over the past 4 months I sent out about 3,000 letters to a semi-targeted list (2% reponse rate), made 1,000 cold calls (25% response rate), had multiple investor friendly realtors looking for oportunities, and of course checked zillow/realtor daily.