We need to go back and refi some just in one of our names in order to free up some space. 

How are the utilities billed?

If I remember right and it is the same person he lived either in NC or SC and was moving to Spain for a year or something like that.   

The owner is required to give up equity in order to receive these funds.

A lot of time you won't, therefore you also have to evaluate your marketing/sales strategy to partner yourself up with the right property owners that everyone wins in the end. 

The easiest way to get around this is to figure out how much the property would cash flow using the "rental property calculator." 

I went to Google and searched for "New Jersey purchase agreement" and came up with a lot of options, including the official REALTOR contract.

Likely it is just a quit claim deed to your new name, however, also note that some states (ie MI - requires another form to be filled out and it changes our taxes - or can change them....).Get the help you need to make sure it is done right without costing you extra down the road.  

I think a 1031 exchange wouldn't be a bad idea if you're not making much on the property, and are worried about big repairs coming up in the near future. 

I've sent you a connection request and would love to connect to get a better understanding of the market.