you’re complaining about toilet paper.

Remember your costs will be more for an STR, you'll be paying for a lot of things you wouldn't with an LTR - higher STR insurance, all utilities including internet, supplies like toilet paper, paper towels, dishwasher detergent etc, upkeep on furniture and linens if damaged, yard maintenance and grass cutting/snow removal, trash removal, etc.  

NJ is very tenant friendly so keeping up with state & municipal requirements are very important, thoroughly screen your tenants, and I always recommend keeping a paper trail of everything.

The depreciation, repairs, and mortgage interest from the property renting will surely create a paper loss and help our somewhat high salary’s tax liability which is great.With the same thought, selling would do the exact opposite but would leave me with a chunk of change in my pocket.

These are ones that really need a contractor to walk the deal/property to make sure that it fits within the numbers that you have put down on paper for the repair costs. 

There's tons of different ways this can go.... if he is someone that doesn't NEED the passive income, I would recommend multi-fam property w/ 25% down in a strong B or better neighborhood where he can at least break even and focus on a market with strong appreciation and rent growth. overtime, his cash flow will increase, and his net worth on paper will grow significantly. 

We do have a servicer.I finally had a conversation with my JV and said just foreclose since the borrower would not return calls, emails, any form of contact.Borrower did response when a DIL was presented (oddly enough) and agreed to a DIL but has yet to sign the papers.

STR insurance is a niche product with few actual insurers, so the brokers are all selling the same paper.

They are one of my best lead sources.In my city, they are published in the local paper once a month, always at the same time.All the info needed is listed in the paper.

A lower price point can look like better cashflow on paper, but those earnings normally don't come for free.