And if the situation arises, if I need any advice, in any future real estate endeavors, being that you have a much greater knowledge, and Im trying to learn as much as possible, before I make any desicions.

(But make sure the tenants are Collectible by running another credit check on them at that time)  Make sure that your lease agreements states that they are allowing you to run a credit check when it comes to renewing their lease or if problems do arise.  

If any issues arise it's their issue to deal with.

Im originally from NY.  800k should be able to put a roof over you head in NJ.There will arise the question of occupancy.  

None of these problems arise.  

The problem that arises is when the partnership (LLC) does not want to stay together anymore, but the individuals do want to 1031 Exchange on an individual basis. 

To the fullest extent permitted by law, the Owner shall indemnify, defend and hold harmless the Contractor and its agents and employees, from and against claims, damages, losses and expenses, including but not limited to attorney's fees, arising out of or resulting from performance of the work or providing of materials to the extent caused in whole or in part by negligence or wrongful acts or omissions of, or a breach of this agreement by, the Contractor, a subcontractor, anyone directly or indirectly employed by them or anyone whose acts they are legally responsible for."

It can help clarify what role you and your friend will play, which may be useful if any disputes arise in the future.

That doesn't mean you can't take vacations, but you need to be available to handle issues when they arise.

Greg is an investor himself and is also an expert on any issues that may arise out of tax sales.