I am concerned about our exit strategy on this.

There are also some creative strategies like sub-to and wholesaling you could explore.

Hi Hector, I would start here: https://www.biggerpockets.com/guides/real-estate-market-anal...That guide gives you a road map to dig into the data on both areas.  

Hey @Griffin Malcolm, if you have the ability, I think house hacking is a great strategy.

I am based in NJ, but am targeting the South Bend, IN area for my first rental (primarily interested in long term rentals using the BRRR and buy-hold strategies).I am new to investing so I would love to connect with other investors, agents, lenders, property managers in the South Bend area or anyone who focuses on out-of-state investing as well! 

Is there a specific strategy that all newbies start with ?

Depending on the property itself and strategy you are implementing it may be an up hill battle in these areas.  

Exit strategy is to refinance and use as Airbnb.

What's a good way to setup a system with expenses and getting the bookkeeper this data?

Also consider the cost and risks involved in obtaining a home equity line of credit.Evaluate your financial goals, risk tolerance, and investment strategy to make the best decision for your next investment.