I live in NJ, and it has a very high cost of living and with the current rate of interest, makes it a very pricey market so to say, and not that investment real estate friendly.

(Floating rate loans, with no rate cap) 

I keep wondering about insurance, vacancy rates, if tenant selection is a bigger/ different factor, terms of the tenancy and differences in opex and capex? 

That's true of every market now, I suppose, with interest rates and supply problems, until either prices go down or rents go up.

Super Jumbo mortgage loans and lenders can vary widely in their rates and qualifications. 

Quote from @Benjamin Cuddy: Although the term "trust fund" is used, this isn't an actual trust fund.

With high interest rates, we'd be looking at around $3800 PITI.

Sellers still owe 71k  which I have the funds to pay off but the catch is, they obtained the property with seller's financing.

Right now the mortgage rates I'm being quoted for a 20% down DSCR is 7.75%. 

Cooper) said that the mortgage is assumable (there is path that would allow me to remove spouse from mortgage and retain the current rate), but the process can take a while, is subject to fees, and they need to reevaluate my ability to qualify for the mortgage without my spouse.