As @Megan King mentioned, there is a networking element that can only (in my opinion) be achieved through in-person networking and communication. 

There are many other decent areas around the US that you can get decent cash-flow, you juts need to buy right.Take in account that more often then not, you will buy at lower cap-rate, reposition the asset to achieve higher return on cost. 

Let's chat and see how we can strategise on achieving your dream of creating generational wealth through the acquisition of real estate! 

Feel free to look up Jersey taxes if you want your head to explode.The taxes "don't matter" if the end goal (cash flow) is achieved.

:ReferralsDoor KnockingDrive for DollarsEvery neighborhood I visit, look at surrounding housesHudstore.comAuction.comMLSSheriff sales/courthouse stepsNetworking at events (REIA, Meetup, business owners)Pass biz cards out everywhere (guerrila marketing)Local wholesalersNetwork with real estate agents who investNetwork with real estate agents who regularly sell flipsNetwork with agents who specialize in REONetwork with divorce attorneysNetwork with estate attorneysNetwork with bankruptcy lawyersNetwork with trust attorneysNetwork with title companiesNetwork with funeral homesNetwork with REO brokersNetwork with funeral homesAdvertise in local newspapers/magazinesAdvertise in Church bulletinAdvertise in church city paperLocal billboardsDirect mail to preforeclosureDirect mail to tired landlordsDirect mail to landlords who filed evictionsDirect mail to owners with 100% equityDirect mail to homes with recent deathsDirect mail to owners around flipped houseDirect mail to houses with water turned offDirect mail to houses that just came out of trustsBuild my own list to email and follow up with themSearch Engine Optimization (SEO) + contentCold email sellers/renters on CraigslistFacebook ads targeting: investors, wholesalers,sellersBuild an Instagram following showing renovationsGoogle adwords targeting sellersBing ads targeting sellersGo to yard sales and talk to owners (if selling)Go to estate sales and talk to owners (if selling)Posters in unemployment office (legal?)

In terms of returns, We have achieved great returns from both sellers.

So he wants to “transfer” the property to me in a way that secures his income but also allows me to take control of the rental, optimize the cash flow, and receive additional income for myself.

i not sure if i'm allowed to say this on here but i am a part of a mastermind with @David Greene and we are all about setting goals and using a domino system and a gps 1:3:5 system to achieve them. 

It will allow you to save all that money and put yourself in a good position to take advantage of deals in the future and continue to achieve your goal of buying a property a year.

To be successful you need to be hyper focused on one goal and put everything you have into achieving that goal.