Just be wary in NJ about taxes and the effect of a non-paying tenant.

@Russell BrazilI would argue that the yield if an asset has everything to do it.Why invest in one 6% yield asset when you might be able to invest in two or three 12% yield assets in another market.The point was about judging the effectiveness of the BRRRR method in a hot market.

If your property is in another state, I would suggest you speak with a lawyer in that area.

however it is rare you get a fire after all the homes we have had I think we have had maybe 3.. when I had my big rental portfolio I was just about to go to self insurance.. at 200 to 300 homes in the low value asset areas self insurance for fire becomes very cost effective when its private equity and no bank.  

The checkbook IRA or Solo 401(k) are more nimble and cost effective.

I can go the legal route to enforce their contract but I feel like involving lawyers is not worth it, it is not worth dealing with these types of people.

Supply/demand and effective purchasing power are what I look at for location trends in our area.

Does anyone recommend a real estate lawyer or property management company in Washington that we should chat with in order to get adequate advice?

That's the most effective method.

If you want to play lawyer, that's your prerogative, but realize you've come to Club Wolfpack dressed as a sheep by asking this question here.