Your biggest hurdle will be dealing with regulation red tape, and finding a place where it can be done.

Appreciation:You're absolutely right that cash flow gives you the flexibility to cover operating expenses, deal with vacancies, and manage surprises early on.

If you need help, I would attend SJREIA or whatever equivalent there is in central Jersey as well.2) I would suggest buying a property (SFH or MH) in a location you can get you within 30 minutes, especially for your first deal.

@Rachel Leonard I just did my first deal without an agent.

I feel like this deal pencils at $365-375k but need to add a bathroom, redo kitchen and existing bathroom, close in garage port for more sqft, + cosmetics and new appliances.

Purchase price: $127,000 Cash invested: $20,000 Off market deal from a relationship when tenet left aesthetically rehabbed the house and is now cash flowing rental.

What made you interested in investing in this type of deal?

Concessions are a great way to make deals better, but not at the cost of losing the deal. 

What made you interested in investing in this type of deal?

Maybe there's a few brokerages who do the majority of the deals you're hoping to do.