@John Warren Thanks for the quick tip.

I run a blog about running vacation rentals, with links, ideas, and tips on how to be successful in this business. www.thevacationrentalist.com

@Daniel E.

Does anyone have any insight or tips on how to proceed with a purchase? 

Nothing is very new in real estate the laws were laid down years ago and pretty much the same.. couple concepts.. buy low sell high.rent for more than your all in costs.get a license and broker real estate for a career.get a mortgage license and help others get funding get an apprasiers license and get paid to evaluate properties and write reports.Work as a property manager and get paid to manage.ETc ETc For courses you may wish to take.. simply go to e bay and buy most every guru's courses for 25 to 50 bucks each go through the tapes and books you will find most of the information highly redundant because nothing is new there is only so many ways to skin the RE cat..

I’m curious about NJ investors methods of analyzing deals and financing specific to NJ.Any tips or information would greatly be appreciated.

Another good tip is to start attending local REI meetings.  

I know my place stays in tip top shape vs my sons, which has really taken a lot of abuse renting out the entire place.

@Brandon WesleyYou didn't mention where the property is located.Question 1TIC - The rental property will be reported on your schedule E.

Great tip @JD Martin, I didn't realize you could have a master meter connection point and install and/or abandon submeters when/where relevant.