Thanks Hi - published a 10-part series here on BiggerPockets last year on all the knowledge you are looking for - exactly tailored to your question. 

I have a business partner who exceeds 100% occupancy because he has AI booking on top of last minute cancelations...plus tons of other tricks. 

Last part- Start networking with local investors and/or investor friendly agents near Newark who may have answers to the questions above.The only way to reduce risk is to educate yourself. 

Unfortunately the great rates felt like they would last forever and the inventory was about a third of what we currently have.

Best decision I've made in last 10 years

But one of my buddies collected $13,000 in late fees last year - so he ain't using my PM ever!  

At the risk of invalidating my first statement, I just did an analysis on a client's short-term rental they bought last year west of Colorado Springs, and they nearly doubled the occupancy and revenues estimated by AirDNA.

I've done some wholesaling, completed my first fix & flip last year and I'm presently doing some private money lending.

The spreadsheets look impressive lots of numbers many of them big, all neatly and orderly entered into this really nice looking chart.

They meet the last Thursday of the month, so there is one coming up.