You're depending on future events that you have no control over to correct the initial negative results of a bad deal. 

To me, it is plain crazy to invest in Colombia to possibly make just 8% on an investment you have absolutely no control over!

This is not to say networking with the right people isn't fruitful, but I personally like to be in control of all my deals. 

Since 4 families or above is rent controlled in Union City NJ,  can I still raise the rent closer to market level.  

I don't think a tenant in any state can withhold rent demanding you repaint a wall, unless it is correcting damage caused by something outside the tenants control.

That said, just sign the PSA in your name and include language allowing the PSA to be assigned to an affiliated entity controlled by you.

Do what you can and control what you can control.

Regular landscaping/yard care (mowing, edging, trimming, fertilizer, weed control) will be provided by ____(check one)____ [   ] Landlord  [   ]  Tenant .For all Tenants:a.Tenant agrees to keep yards, walkways, patios and decks clear and to keep premises free of junk and debris.b.Tenant accepts liability for all landscape damage and/or replacement of such, if caused by neglect, abuse or lack of water.c.Tenant may plant the beds adjacent to their dwelling to their liking, but only with those plants that are of appropriate size and type for the beds.All plants brought or caused to be brought to the property by Tenant will be cared for by Tenant.d.Tenant agrees not to cut or prune trees, hedges and shrubs.This will be Landlord’s responsibility.e.Tenant agrees to properly dispose of all plant debris and agrees to not leave such on the property.f.Landlord will consider special Tenant requests for planting and removal of plants, shrubbery and trees, but reserves the right to determine the make-up of the landscaping.g.Tenant agrees not to grow marijuana on the premises, indoors or outdoors.For Tenants of single family homes only: a.Tenant agrees to mow, water, and keep the grass, lawn, flowers and shrubbery thereon in good order and condition, applying fertilizers and weed retardant as needed. b.If Tenant fails to keep the landscaping in good order and to follow these guidelines, Landlord reserves the right to hire a landscaping service at Tenant’s expense (after a 10-day notice to perform covenant).c.Landlord reserves the right to restore the landscaping to its initial condition, as it was at the time Tenant began occupancy, or if improved during Tenant’s occupancy, to the level of such improvement.

Yes, its capital intensive and yes its slow, but it allows you to control both the quality of the home and your tenant base. 

I am definitely motivated to jump in as soon as possible, but the conservative part of me controls the money and would hate to see it disappear.