There are also several build-to-rent projects going on with builder financing deals snd some even offering perks like property management (even free for a period) so maintenance costs can be kept lower in the beginning years. 

Low acquisition price, medium investment cost.

Start with learning how to run comps, how to estimate repairs, how to find deals, how to negotiate with sellers, reading and understanding a purchase agreement, finding an investor friendly title company, having an attorney create an assignment agreement for you, contacting investors to put on your buyers list etc.

Cash-on-cash return for this home is 20.50% and the estimated time to recover original cash invested will be4.88 years if rent remains the same and no major expenses occur.

The total cost of project is more than we can qualify for based on personal income, although our W2 income and credit score all work in our favor.

Not only that but you are going to carry a Heloc in a 2nd lien position and you will not be able to pull out more cash unless you do a cash out refinance to pay off the previous Heloc and take out more cash.85% of the home owners who take out a Heloc refinance in 3-5 years so it makes more sense to simply do a COR and avoid the future closing costs.

I self manage 4 properties on my own and I don't think there is that much paperwork associated to bring in the cost of a VA. 

As of today the county estimate for the back taxes is $1166.73 for one & $823.54 for the other.  

Unless you know NJ landlord/tenant laws along with the commercial side of it, it may cost you more money NOT to hire professional management. 

Can I expense my moving costs if I am moving across the country to pursue RE investing full-time in another state?