Best source for this question if you really want to be technical is your broker (but I could see why you wouldn't want to approach them) or an administrator of your association. 

Do you prefer a longer term approach with rental properties? 

@Derac ShafferYour approach is one way to get started!

$25K in NJ can be somewhat limiting and so you might want to consider an approach that doesn't require vast sums of cash to do deals. 

I’d love to partner with this guy if it makes sense and I’m passionate about real estate but don’t know what the best approach for us would be!?

I've had a few deals come across my desk through wholesalers but they were outside of the scope I was looking to approach from out here.

I'm curious to see if anyone has tried this approach or if there are any issues with.

There is nothing wrong with taking the independent approach to self-managing, and while there are plenty of great PMs out there, you'll still be paying a large PM fee.Nevertheless, there are definitely some tools that can help with managing things moving forward.

A big plus with your approach is you lower your risk of losing the property.

I guess my question is whats my best approach?