The only consideration may be that you’ll still need a registered agent for service of process in NJ.

If we want properties to cash flow to help build some retirement and possibly find a retirement in 8 years ( meaning, quitting our 9-5 in 8 years), is it too late? 

I do not need immediate cash flow so I think looking for a market with good appreciation may be a good start for me. 

I would double-check what numbers they are using to quote you (credit score, cash flow, valuation). 

Consider what the max amount is that you could pull out and what you could reinvest that cash out into such that you can earn an arbitrage on the cost of capital and the cash flow/ROI you'd get for investing the additional liquidity. 4.

Including your monthly rent, the property has $150 cash flow. 

Cash Flowing, learning the process on closing a deal was great and the upkeep/PMing part of the job is something I also find important to learn before thinking of scaling!

Do deep research to find areas good for investing, with lots of people renting, new jobs, more people moving in, steady money flow, and chances for the place's value to go up.

In comparison to Houston, TX it has slightly lower median cash flow (screenshot).Here's a free app to explore city market metrics - https://marketcityanalysis.streamlit.app/

Although this is probably less likely than the water leaking in through the window wells, it is possible, and you'll want to eliminate it as a cause of the flooding before deciding on how to fix the issue, because if it's groundwater, then the solution to the problem may be completely different than if it's water coming from other sources.As you consider these questions, keep in mind that water follows the path of least resistance--for example, water will flow through a gravel-filled trench much quicker than through solid earth/clay.