If your goal is passive income, it's not going to be in New Jersey when you factor in cost to purchase, management costs, and rent to price ratio, but what you can get is steady appreciation.

Providing relocation assistance to tenants, for example, if I want to sell the property or move back in - this can range from one month's rent to thousands of dollars (e.g tenant has a disability, minor children, elderly it will cost you more), depending on the city.

Any kind of non QM financing will have higher closing costs compared to conventional.

I purchased the home with a conventional mortgage and used the grant to help with downpayment and closing costs. 

If you need 10 minimum and have to hold those non-paying tenants until you get 10, what does that cost you in your financial model?

I am using a dscr loan. what I cant understand, is why are my closing costs so high. above is the numbers on the refi.

I have refinanced (rarely mind you as there are costs that take years to recoup on a refi) and am happy to see equity build as the mortgage shrinks.

Eviction headache and cost is something you definitely don't have to worry about with party #1, not to mention wear and tear.

As for repairs on the purchase of a home prior to auction there are some professionals utilized by the professionals for costs to repair the home in best and worst case scenarios.

How do you handle challenges in a deal (unexpected costs, market shifts, etc.)?