I Can only realistically get $1600-$1700 a month renting my house based on the market.

Looking forward to hearing what your market has to offer. 

So the question becomes based on their individual and personal tax situation what is the estimated tax burden they'd save? 

If you do choose to invest out of state, the best advice I could give you based on what I have observed running a local real estate group here for over a decade is build your own team.

@Aaron Bard- plenty of  lenders  offer  DCSR loans ...contact a  few  for  quotes ...also - dont  pay  any  lenders  at the beginning of the process 

With no credit score the interest rate would be based on the lowest credit bucket.

Offer to help with lead generation, driving for dollars, cold calling, or even administrative tasks.

Quote from @Samuel Hudson: Hello friends I am new the market and recently bought a home in Weehawken 6 months backs .Its a three family home and we are currently doing renovations Right now.The rent leveling board told me that two units would have to follow a rent of 1650 for unit 1 which has three bedrooms and another unknown amount for unit 2 which they don’t have the information for .The previous seller I purchased the property from bought it as a tax lien .He has kept the property vacant for two years with no tenants before selling it to me .However ,the previous Owner he bought it from must have had tenants .I am putting in a lot of money into renovations and want some clarity on the situation I am in .The property has been vacant for the two years and currently still is as we are doing renovation .It would be really appreciated if anyone can assist me on what information needs to be provided by from the previous seller for me to be able to set the rent based on the market value .Thank you . 

Not a lot of our competitors offer this but it's something we can consider (but for us, it can't be in a rural area, the loan amount must exceed $150k, if we're using PadSplit income (or STR/MTR income) the max LTV is 75% and the down payment must come from your own funds). 

After 20+ years, I hear from so many who are more motivated by fear than optimism and make decisions based on not losing rather than a high probability of winning.