You should be shooting for a decent cash-on-cash AFTER highering a professional (top quality) property manager.  

I've been stocking up on HILTON brand soaps, shampoos, etc...... is that too tacky.. should i be getting nicer quality things?

I'm currently looking around the Paterson, NJ area.1) I am looking for guidance on the best way to find a quality deal/a reliable real estate agent to advise me with my search.2) Since this is my first property I have never acquired a loan for purchasing property.

I'm willing to take a little lower cash flow for a more stable and quality property.  

I have a rep out there who could verify the actual quality of the work, but if I were to get it county permitted after the fact (if needed), and thus counted as new living space, will the tax go up? 

@Michael Ash,Are the tenants reporting it good quality tenants?  

It would be great being able to avoid traveling to china so much, knowing that Paraguay has a comparable quality.

Get a independent appraiser over to view the property and give you a better idea of comps whiles it's still for sale.. once it gone you won't have the same chance.. what's other lakeshore homes in surrounding areas going for.. what makes a property like this valuable is the setting the view, sunsets, sunrises and quality of the lake, and lake size and what the lakeshore is like. sometimes the price is hard to justify but from the owners point of view he's got the best and maybe he's right you won't realize that until you research more or when it's gone and you have to start over..Good luck.

They will ensure the property not only stays rented, but has quality tenants and is being rented at the correct market rates.  

The best ones being that in most markets they are the most in demand product for both rentals and sales, tenant quality is higher, there is more inventory of distressed property so it is easier to find one at a larger discount, and if/when I do sell it is at top dollar to a retail buyer (not an investor).