Also there are plenty of good resources here on BP to research your different options in investing in out of state markets.

I have enjoyed the BP forums and resources these past few months though this is my first time seeking advice.

In terms of getting started in Bigger Pockets, here are a few resources that were passed along to me:Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/p...Please reach out with any questions and good luck!!

I use Cozy.co for rent collection, along with quickbooks, but I do not use it as a full property manangment software. 

Then you will be the owner and entitled to collect payments on the purchased assets. 

That being said, as a resource here in the area I would love to partner with anyone looking to invest in the area.

A local real estate attorney can draft you a note and a security instrument (deed of trust, etc) for this lending arrangement.It would be good to have a loan servicing company handle calculating/collecting payment for a small fee (like how property management companies manage your rentals for a small fee).

I have taken initiative to learn as much as possible through books, podcasts, blogs, BP, and other resources (still a lot to learn!). 

I visited the city of hoboken tax collection website and checked out some records, and it appears that if I rent out my existing property it will still have the same property tax, which is a relief.

So lenders collect what I call a "cushion" to make up for that, so when you start making your payments your loan is on track.