The first thing to be cut, skipped or delayed is rent because everything else is essential to earning a living.That is a big, broad brush picture but in general will be pretty close.     

His company deals with all phases of the spectrum, from agent looking for deals, to rehabber, to property manager.

I actually see both sides of the spectrum.

That broad range pretty much tells you how useless your cap rate comps are.  

I'm looking to get a better broad picture of what is involved with being a landlord, and would obviously also like to pick your brain about the process and lessons you've learned.

It is very broad what you are asking?

I know that this is a broad question but any advice/information is very much appreciated

@David Lichtenstadter Thans for the reply, I have been browsing a broad range of jersey ( union, sommerset, middlesex, bergen, essex, passaic and morris counties ) I know that is quite a lot, however I am not extremely set on one area yet.

For those of you who care about the broad economic outlook in your investment areas, here's the recent economics report from this month. http://www.jec.senate.gov/public/_cache/files/b2fb1607-cbaa-4d20-871f-c58170cbf5c0/jec-state-economic-snapshots-september-2016.pdfIf that link doesn't go through, google for 'senate state economic snapshot September 2016' and you'll probably find it.

But these hardworking honest people got robbed of their money in broad daylight and legally!