Am looking at a three family home in Newark NJ that's been fully renovated and has very good income potential.The neighborhood is a bit rough but a fellow co-worker  who owns property in the area says if it's a quality place I should not have any problem finding residents.What should I be looking out for here?

People in this forum have been holding our hands navigating some tough issues since we stepped into the landlord role.

Thank you for taking the time to reply with a well thought out response.Thank you for the encouragement,  as clearly, it can be tough for newbies like myself to get some traction.  

Mixing real estate with a co workers seems like a really bad idea.

There are some new development plans in the horizon but it's tough to tell if it's going to be in the "path of progress".

I work in outside sales as a 1099 worker.

This isn't the easiest market to do them because it's very competitive, so getting enough of a discount up front can be tough.

Do you find it tough to refi that property?

If you're not in a tough financially position, I'd rent it out for 1-2 years.

If this is a tough neighborhood, consider looking for a property manager first, and then asking them to advise you whether they would manage the properties you look at.