New build build-to-rent is very hard and risky.

Appreciation ~4% annually.Capex items needed: new roof, parking lot needs concrete fixed and asphalt resealed - ~30K in workDeal #3 - SFH, 2BD/1BAAsk: 65KCat smell everywhere, needs new paint and flooring, needs new gutters. 

Quote from @Joy Daniels: As a short-term property manager I've seen how this industry changes so often—new guest trends, tech tools, and regulations seem to pop up all the time.

For example, I used an FHA loan (3.5% down) to purchase a 4-unit property, which allowed me to put down a low deposit while still generating strong cash flow from multiple rental units.

Quote from @Jeff Calcaterra: We have a potential tenant new to the area who has gone through a paid background check, signed a background check authorization form, sent us a LinkedIn profile, sent an offer letter and says he is willing to send us paycheck stubs, but says he doesn't want us to call HR to verify employment because he is supposed to have found housing already.

New Jersey is not a horrible state for investing it is more so certain towns and cities that give NJ a very bad name. 

Here are a few high level thoughts for you as a beginner:-Don't lend in second position-Don't do deals with new investors-Don't experiment with new strategies, even with experiences investors- ie, don't jump in to a first development project with someone just because they've flipped 20 houses. 

New kitchen, bathroom, counter tops and appliances throughout the home, including new HVAC.

I found out pretty quick my skills from years of running LTR didn't translate to STR and had to learn a whole new set of skills (some of which I already had from a career working with the public).  

I'm new to the real estate game.