We fully intend on purchasing rentals at some point, and we already have this one now.Should we sell and start over with a clean financial slate, or should we endure and try to maintain this as out of state owners?  

I am looking to gain some insights from the seasoned RE investors who have endured through downturns and not lost their money/business in the process.

Also, should we endure another market correction, atleast we would have the funds to carry out any mortgage obligations in the unlikely event we face increased vacancy (very uncommon in my area).

I have 8 months under my belt so far and have endured as much or more "setbacks" as I've ever seen in all my years of land-lording (lots of appliance replacements, A/C fixes, idiot guests that demand refunds due to crumbs in the toaster [no joke], and even the dreaded HOA Special Assessment.

I will be browsing through the forums too but there is a lot to catch up on so I apologize for any duplicating you may have to endure.

Sounds like you've endured a lot and I bet there are more than a few things you could offer with your experience.

So you would have to buy a bigger property (4 bedroom detached) and endure student high jinx in order to earn $500 per month.

You have decide how much this deal means to you and how much grief you want to endure pursuing it. 

My sole intent is to procure investment properties in Low-income, increased crime activity areas, and neighborhoods enduring poverty primarily in Newark & Jersey City.

I am young, creative, full of energy and have the endurance to do the leg work to build these relationships and make it happen.