So each will pay 2.14%You will also have REALTOR commissions - 5-6% of the sale priceThere are also some fees with title co, order certificates from the city which add up to a couple hundred bucks. 

I know that once you purchase a tax lien certificate in NJ on a residential property, there's a 2-year period before you can foreclose.  

I acquired the tax certificate in 2017, and acquired the tax deed in 2020.

I will receive certificate of purchase.

Also, I would probably pay for title insurance as well, how does that work when I'm buying the deed from the county and/or the certificate holders? 

You can consider going back to school, taking courses or certifications, or attending workshops to improve your skills and knowledge.

I am a newbie looking to purchase tax lien certificates out of state.

Things to consider as a rental investor newbie: How involved you want to be as a landlord/PM, if a Lead Safe Certification is required where your rental will be, if there is a point of sale for the ordinance you're buying in/what the escrow requirements are (especially if you're buying a heavy fixer), etc. 

PRIVATE CAUSE OF ACTION FOR CERTAINVIOLATIONS BY BROKER, SALESPERSON, OR CERTIFICATE HOLDER.

However, I put that the Seller must provide a Flood Elevation Certificate and must be approved by me.