There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

Small is easy to maintain as long as renovations were done correctly.

I want to remain local in NJ or at most drive down 1hr to PA (self-manage or, last resort, hire a PM)However, I must also consider maintaining reserves, a safety net for my primary home, and an emergency fund.It's just hard for a new investor now :(

Then rent the bigger home out using a property manager, allowing her to possibly cash flow and maintain that asset and let it continue to grow in value.Encourage her to consult with a CPA or tax attorney to explore the best strategy tailored to her situation.

Along the way I've learned a lot of trade skills as well which goes a long way helping to maintain assets. 

How will the fence be maintained and by whom afterwards? 

The rate might be .5% higher for the 30 year, but looking at it financially what if you took that $187/mo and invested it into the stock market at 7-9% returns? 

This requires an income that allows you to maintain your standard of living throughout your life.

I was able to rent the garage to a seasoned electrician running his business through there only coming in and out to stock his truck once per day.I hope to be able to convert the second floor into an ADU as soon as Feb 2nd rolls around.

You will need to make sure that are no gaps in windows, doors, etc and that the HVAC system is well maintained as a tenant could argue that lack of remediation is the culprit for a high utility bill.