My preference would be to invest in-state, so for me to venture out of state, the ROI would have to be notably better than something I would be able to find in New Jersey.

am curious as when would folks prefer private interest ?

I listened to a podcast that someone (whose name I am blanking on) discussed their preference in 200+ days listed, as it can lead to a better deal being made with a desperate seller.

In my area, to consider a room as bedroom, you need to have closet, either built-in or standalone (some Cities prefer built-in only), should have a  HVAC vent, but no water heater and no electrical panel in the room. 

I prefer the variable in any case, but I am just trying to decide whether to have 1 mortgage (552k) or not because of the two other properties I closing on or before Sept.   

With that said most investors prefer to pigeonhole their go-to contractors. 

Personally, I would prefer to keep the funds from that property coming in assuming the numbers will work for me once I do a cash out refi. 

Average preferred rent?

With renters being hard on things, I prefer hard surfaces such as LVP and refinished wood floors.

To reduce your risk of audit, you want to be sure the company you select uses the IRS' preferred method, engineering-based.