Hello,I'm a reasonably new investor(got one rental) and I have been offered to get in on a deal(s) through a trusted family member.

As a former Appraiser I can't suggest ever trusting a CMA though. 

I'm starting to build my rental protfolio with a purchase in Westville NJ. does anyone have any advice on landlord insurance; calculating accurate figures as you assess potential properties, best providers, level of coverage etc. 

Great question, this can actually be at the state level (for example, in MI reasonable notice is at least 24 hours), unless a different number is specifically stated in your lease.

Trust me, giving up equity for cash flow will leave you on the short end and giving him cash flow will ease his haste to refi which will benefit your goals.

They have no attorney and trust me. 

Is there a better option people would suggest given the situation at a high level?

1) I don't foresee prices falling anytime soon leveling out maybe but probably not falling1a) if you plan on living there long term and can afford the payment it probably isn't a huge concern2) Limiting areas limits your options but it is impossible to predict how much an area will appreciate

CA OR and WA have very specific laws as it relates to what you can and cannot do with a homeowner in foreclosure you should read those before you do anything.. they have severe penalties for violators..Once you figure what you can and cannot do legally.1. as Wayne above state Credit is trashed. your bringing no value there In West coast Purchase Money Deed of trust foreclosure  credit is trashed and bank has no right for a deficiency judgement. 2. 

Prices on the entry level homes have doubled and rents haven't followed fast enough.