The lender will also require a "Repair Allowance" that is included with the monthly mortgage payment.

Though I live in California, my immediate family including my mother and her brother live in NJ.

Eventually it requires a membership but they have a sub-group of some type every week that is included and they also bring guest speakers like Ron LeGrand, etc. for weekend seminars.

I would find out what the utility costs are and if the rate you see on rentometer include utilities.

This can include past taxes, bank statements, credit reports etc.Stay away from anyone who says they can finance anyone from 5k-50 mil for 4% as well as anyone who asks for upfront fees.  

Over the long haul, I like to look at using IRR and time value of money, which includes the whole process of buying, income/expenses and selling the asset.

In general, when you purchase a home in an association you are bound by all of the CC&Rs a.k.a governing documents, which would've included all the rules around rentals.

I am a brand new real estate investor in the Phoenix market.

Rehab would include framing, new electrical, new plumbing, mostly new drywall, full cosmetic rehabs with ARV in the $200 - $250/sq ft range.You can do this yourself if the flipper bought the property on the MLS.

If you are including the cost of financing in your cash flow (sounds like you are), be sure at least that you aren't including principal payments as an expense since these go straight to equity.