If so, any recommendations?

I never recommend rent reductions.

I would NOT recommend this company to my worst enemy and I hope that I can prevent others from being scammed by WealthAbility by posting my personal experience on as many forums, websites, platforms as possible and by filing complaints to every agency out there that deals with consumer fraud.

I'm looking for lender recommendations as well as how the rental income is used for qualification purposes and down payment requirements. 

I would recommend shopping this because at 66% LTV you should be able to get a rate in the low 7s assuming you have a good FICO score.

The only time I recommend an investor take a negative cashflow deal is if they have a high W-2 job and need to offset taxes, and /or they can afford to wait for a house to appreciate.

I'd recommend you get a qualified electrician out to take a look at it.  

Also what do people recommend for remodeling?

Since you are also from NJ, do you recommend any local meet-up groups that i should attend?

I don't know what the deposit is but even if you figure just supplies for some of this stuff it will add up.