Constitution rights to protect you

Also, what constitutes a CapEx?

How do we proceed and what constitutes a good deal for a lender?

The above numbers are for a rough calculation to see whether this property is even worth pursuing (investigating the actual expenses constituting the $4,673, etc.).

You need a good source for local landlord tenant laws, a  reserve account for the unexpected, setup a payment tracking system, find a handyman, set expectations with your tenant about what constitutes a valid emergency, have the tenants sign a "walk through" list with photos of the condition of the house, make sure they have renter's insurance, 

I appreciate all of your input, I don’t believe AC is considered a right of habitability in new jersey and even if I’m being overly sympathetic I can’t see how lacking ac in 60 degree weather would constitute an emergency.

This is codified into the state constitution.

@Son D.Generally:Trade or business interest is not limited, except in the case of businesses with aggregate annual gross receipts of $25 million or more for the past 3 tax years, or in the case of tax shelters (what constitutes a tax shelter might surprise you -- it's painted with a pretty broad brush). 

Looking at properties in your destination does not constitute a "business trip" in the eyes of the IRS.

Every state has its own definition of what constitutes real estate brokerage.