This is much better then having a property(ies) with a mortgage and excess equity on a HELOC.

But I would let it fully dry first.How old is the carpet?

They were very dry during our chat.

The MLS is dry, you have to market for off market deals.I think there might be more opportunity down the line with owners of multi-families who are having financially difficulties with tenants who aren’t paying rent due to COVID and the eviction moratorium in place currently in New Jersey and nationally. 

And good advice on the oily rags- the drying agent chemicals in wood finish oils produce an exothermic reaction (they give off heat).  

Also-Do you argue and negotiate the billing of maint if you think it is excessive?

A landlord may not demand or receive a security deposit, however denominated, in an amount or value in excess of two months' periodic rent.

Even if you are looking for a buy and hold investment, making your first outside of an easy commute will lead to excess expenses and issues that you won't be able to resolve with your eyes.

Everything...Mortgage, taxes, insurance, sewer, HOA fees, property management fees, commissions to obtain a new tenant, legal fees, accouting fees, any other utilities you pay yourself.Also, repairs, chimney sweep, dryer vent cleaning, basically anything to maintain the property.You can also keep track of mileage to dry to the property if needed, paper you use in your office, etc.

Also your property insurance deduction is considerably low as well as your repairs, while your license/permit is excessive for an monthly expense.