This is primarily due to two key factors: low inventory (leading to tight margins) and high interest rates.

I want to remain local in NJ or at most drive down 1hr to PA (self-manage or, last resort, hire a PM)However, I must also consider maintaining reserves, a safety net for my primary home, and an emergency fund.It's just hard for a new investor now :(

It’s been stressing me out as I self manage this and my other property where it’s affecting my moods and I don’t like it and something has to change.

So, you are not at limiting your self when buying a new property.

My main concern is the interest rates being so high now as to whether what I'm hoping to achieve is really even possible. 

@Kyle McVay I self-managed my first 5 units and then transferred all new units to a PM.

Coming from a family of lawyers the ones in my experience that make less than that are usually just not that motivated or are not that good at what they do.  

In my case, I have residential rentals in one LLC, commercial properties in another, self storage in a third, and my real estate company operates in a fourth.

He is a BP member and comes highly recommended by many here.

If you’re interested in investing in real estate, you can consider doing so with a Self-Directed IRA to defer taxes on capital gains until you actually withdraw the funds from your IRA.