In good health,Connie 

Get VERY VERY familiar with the zoning laws and any other laws that pertain to that property (for some reason the environmental health department is all up in my business - it's not straightforward whose opinion matters and it takes time to work out).

Right now I have a CPA in NV but he can’t file CA tax for me and is in poor health due to covid.

Another part of it has to do with parking, health and safety.

Plumbers are expensive as they are regulated by the health department.

You can make basic safety, health, protection of the asset repairs, but those may not be good enough to rent the property. 

Hackensack has the largest employer in the state (Hackensack meridian health) however institutional investors already rebuilt down town area and you can only rent which leads to what I said above.

In that figure you have to include everything like escrows for taxes, insurance, maintenance reserves; as well as recognize that you will have to cover things you might not have had to pay for in the past like health insurance, and additional escrows for income taxes and possibly employment taxes depending on how you structure your business.One other major concern is just the ability to qualify for an additional loan without a w2 job.  

A great book on this topic is "Work Less, Live More" by Robert Clyatt.My biggest fear is rising health care cost.  

If yo I have your health & a solid income you have live better than 99% of the people in the world.