Prices in that market is still much more affordable and rent is still great.Some options you might want to think of are turnkeys, or property management as you stated.When you live out of state, is not easy to manage your own property.

I want to know if they can afford the rent and still meet minimum payments on their other bills.Also check with an attorney or take a Fair Housing class to ensure your rental criteria is non-discriminatory. 

If you had investments here you sell them and go to more affordable ground, at least most of the people the want to grow further in the near term.

so i am wonderingmy grandmother has a reverse mortgage she is going to be giving the house back to the bank in two or three months. it has the original furnace from the 1960's in it and it died so she needs a furnace but she can not afford the furnaceshe owes way more then the house is worthif i buy a new furnace and have it installed will i be able to take it back when she give the house to the bank?

But I'll assume you already know that and entertain the question.As @Chris Soignierhas correctly informed you, rentals offer the most tax benefits.

The bank will happily entertain your application for new terms - - you are an existing asset on their books and what they want is to update the rate.FORGET prepayment, the penalty is designed to discourage you from that - - clearly.Start your refi 6 months before  the note comes due and by all means, go back to the same back where you settled the first time. 

Buffer.It should be a very affordable plan, that provides you with a ton of insulation, and solves most of those common headaches.

The tenants have a low monthly payment that is affordable and I get a reasonable return on my money.  

So as pointed out, what works/and is recommended in one state may not apply at all in NJ.Also, if you can afford to put each property into a separate LLC that's great but I agree that even if you can it may be overkill.

you might want to reach out to @crystal Nixon she specializes in real estate and is very affordable.