If you are going to expand your market or consider bigger properties, I suggest you investigate some multi-family training programs like that offered by @Gino Barbaro. 

I would like to use my old home as a rental property, which has a significant amount of equity.

The last time I saw a structure like this, it ended up being a scam from a very well known real estate mogul...Be careful, if it sounds to be good to be true, it probably is...Cheers!

You’ll likely need a property management company, which adds to your expenses.Increased risk: Without local knowledge, you might overlook neighborhood trends or property issues, which can be harder to evaluate from a distance.3.

We have taken care of his house like it's our own and never complained of anything.

It's definitely not a scam though, just likely not super skilled callers.

The buyer and seller agree to the terms of a promissory note that details terms like the loan amount, interest rate and amortization schedule.

Quote from @Rick Bassett: @Patrick Bavaro - we manage over 200 units in Buildium Looks like @Rick Bassett's also in on Buildium 

Once I’ve gained rental income, I would like to finance a Condo and even more rental properties with my income from rentals.

Plus, with businesses growing in and around Newark, there's a steady job market, so you're likely to find tenants.