She was interested in buying RE, mentioned it to everyone, and got lucky with a chance conversation at her local bank.

Hey All,I've been working on getting my first rental(Multifamily, 6-12 units, locally) and I think I came in too ambitiously.

I've considered using ZenBusiness or consulting a local attorney for the formation process.

There is a lot of activity on local FB groups for that area.

There is also a local real estate section, not sure how much traffic for NJ. 

You could always find individuals and then start one, or join FB groups and then try to find members that are local. 

In the event you keep it as a rental, what is his opportunity cost for keeping his equity in your deal for however long you decide to hold it? 

I'm in the Nashville market and can help answer any specific questions you might have about the local market.

Have local rents gone up or down?

If Tenant shall fail to make any such repair or replacement, Landlord, in Landlord’s sole discretion, may make such repair or replacement, in which event, the cost of such repair or replacement shall be added to and deemed a part of the rent and shall be payable by Tenant to Landlord on demand.