The home I put an offer on was in Lodi NJ which was a bit of a compromise for me in terms of the town I would like to be in, I would ideally like to stay away from more urban areas such as Paterson, Newark, elizabeth, etc.  

Check out Education for how to guides on getting started.

Welcome Gina Jackson staying involved in the BP forums should help keep you motivated.

Does both parties have to stay in?

Hilda Befterver hi and welcome to the BP community first I'd recommend you reading the ultimate beginners guide http://www.biggerpockets.com/ubg and don't forget to listen to the podcasts...Enjoy

If not you could possibly offer to be a sponsor for it and have your contact info there etc.Check the tax record for each property and cross check that name with the state real estate commission to see if they are licensed.Some subdivisions do not turn over much so you have to watch for that as people want to stay a long time.

I have an old home and no one is staying there.

@Thomas ManningAdding to what Bram suggested above, you may want to go through the Ultimate Beginner's Guide here on BP (link).

Read books on investing in real estate, listen to the podcasts, attend webinars and stay active on the forums while connecting with other investors in your area and pick a niche.

Make sure to read the Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing