Taxes won’t come into play until you sell. 

I am not an attorney and I don't play one on television.

If you trust your contractor and can stay on top of the project, you might not need a property manager my understanding is the property manager is playing the contractor's role for some smaller projects, not another layer on top of the contractor. 

I played professional baseball for 4 years and don't have any experience in the real estate world.

You want to play?"

Are others playing the long game and hoping for appreciation or is there something I’m missing with the economics of North Jersey?

His criminal record shouldn't play a role if he was released from prison five years ago and has held a steady job, has good landlord references, etc.Disorderly conduct looks pretty minor, and I don't see how it poses a risk to you.

I.e. the value-add player that has moved to more core deals, or heavier performance alignments shifting overtime to more fee heavy structures.

What lists are you targeting plays a large roll also.  

Do you think the high property taxes play a significant role in shaping your investment strategy moving forward?