How can I pull the equity out of this building?

The West End really could be revitalized and get fresh investment if it were breathed upon.

Being in NJ, market is super competitive, so need to figure out how I can maximize the profit.

Would it be better to just try investing in a different states than the one I live in?

I agree that it is a lot of money up front, but if the norm for the area is first and last month's rent, remember that the tenants who are moving in won't have paid last month's rent to their current landlord (if they are from the same area). 

The seller owns an arborist business, has been in the home since the late 90s, and owns the house outright. 

I am open to both the Gulf side or Atlantic/east side of south Florida.I plan to travel to FL early next month and want to have some idea of good cities/regions to start with.

Then you have ongoing costs like mortgage payments, property maintenance, and property taxes.This article provides a thorough overview of how much money you need to start your real estate investor journey.

If I don't make the repairs to the MH I won't be able to rent it at all.

. - After purchasing a home for what I feel was to much I am trying to determine the best route.