THEN, I plan to purchase the second home using a FHA or conventional loan (3%-5% down), for which I will likely pay the monthly cost out-of-pocket, maybe with some rental income support if it is a duplex.My concern is, I do not want to spend my savings or weigh down my debt-to-income ratio so much so that I cannot qualify for and pay the down payment and closing for the lending on the second home.Questions: - With the first home being multi-family, 75% of the rental income (or potential rental income initially) will relatively either maintain or boost my debt-to-income ratio from lenders' perspectives, right? 

Your brokerage is required to supervise you, and maintain all records of the transaction, just like any other client. 

Then rent the bigger home out using a property manager, allowing her to possibly cash flow and maintain that asset and let it continue to grow in value.Encourage her to consult with a CPA or tax attorney to explore the best strategy tailored to her situation.

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 :(

Along the way I've learned a lot of trade skills as well which goes a long way helping to maintain assets. 

@Nathan Gesner I appreciate your work maintaining this platform for all of us to enjoy.

You state there's a lot of deferred maintenance, then state it is a remarkably well maintained property.

is it enough to carry you into your next projects while maintaining enough access to keep your current real estate operating smoothly?

If you’ve worked with someone who provides excellent service, has a great tenant screening process, handles tenant relations effectively, and maintains properties well, I’d love to hear about them.Thanks in advance for your suggestions!

That's pretty fair.