I cant speak for every deal they have ever done, but I will say that any deals That I was involved in with safeguard and there was any issue whatsoever they jumped in and worked diligently to solve the issue as if it was there own money. 

As soon as a tenant fails to pay rent, you can file a complaint without waiting 30 days or issuing a separate notice (unless your lease requires one).That being said, it could be a waste of time/fees to run to court because tenants in NJ may come even on rent (even after you win the eviction case) and then they won't be evicted: “The tenant shall have three business days after service of the warrant for removal to pay all rent due.”

So for example, let's say a friend of mine wants to get involved in real estate but doesn't have the time, knowledge, experience, or resources to do it very well.

Are there going to be banks involved, creative seller financing or all cash? 

And this does not even involve business or real estate!

Assuming this is a clean file, with no exceptions required, most Underwriters take anywhere from 48-72 hours to review a loan and get CTC, or provide further conditions. 

There are variables involved, and there’s of course skill and effort required not just calls.

My wife also made it clear that if we were going to expand beyond what we already own, she didn’t want to be involved in managing them.

Should I go through with taking ownership of the property and try to salvage it for profit or do I refrain from even involving myself in the situation as it may cost more than it's worth to save it?

Security deposit will take care of the last month of unpaid rent, but I'm considering filing a small claims court lawsuit to get a judgement for recoverable damages.