You essentially would be digging deep into your own pocket when these costs arise.

Ali,When planning to buy in NJ the biggest thing I would tell you is to plan/research for the closing costs.

There may be costs associated.

I figured the only holding costs will be the utilities. 

This strategy requires knowledge of local markets, renovation costs, and the ability to manage or oversee renovations.I am a loan officer and I could advise you on how to tap into that equity and put that money to work.

It helps accurately estimate the costs of purchasing, renovating, and selling a property, ensuring a clear understanding of potential returns.

Managers cost so much and make repairs cost even more, I do not see their value until you have 50+ units and no time. 

Can't recommend @Joseph Cornwell enough, he helped me buy my first duplex in Cincinnati and he has a contracting business, so he can give you advice on repairs, remodel costs, etc

Probably will cost you more . 

Consult with a Financial Advisor: Seek advice to navigate negotiations and explore refinancing options that best fit your needs.By taking these steps, you can work towards lowering your interest costs while keeping your loan terms unchanged.