Write your state legislator to keep the rest of the state from emulating Seattle.

I feel like with impending legislation, especially in NJ, it is becoming more and more difficult to be a private landlord    

Not to mention the upcoming legislation on the November ballot that can really hinder your returns from renters.

The amount of bonus depreciation you can take may change each year - 2023 the amount is 80% (but there is legislation that may change this to 100%).Actively managing the property doesn't change the IRS rules on whether or not an asset is eligible for bonus depreciation.

Also research Rent legislation,  many states and towns are looking at rent control.  

The Senior Loan Officer Survey this week cited “uncertain economic outlook” and “deterioration in the credit quality of loans and collateral.”

I've seen these lawsuits go on for a year to a year and a half and you must be making the payments even if you are uncertain of the outcome.

Slightly random thoughts:Computations of present vs. future value are inherently uncertain--anyone know what tax rates are in 2047?

My goal was purchase 1 property a year and its about that time but I am worried about being over leveraged and uncertain about the market.

You need to be able to prove you're an expert on property condition, rental rates, ESAs, Service Animals, Landlord/Tenant legislation, etc.