Last part- Start networking with local investors and/or investor friendly agents near Newark who may have answers to the questions above.The only way to reduce risk is to educate yourself. 

@Jason Baker You should look at connecting with CFRI, that is the local chapter of the National REIA.

While the potential rental income of 4K is noteworthy, it's essential to consider various factors.The local real estate market conditions, property management costs, and potential maintenance expenses should be factored in.Additionally, evaluating investment alternatives like the stock market is prudent.Renting out a property can offer long-term benefits, but careful financial analysis is crucial to determine if it aligns with your overall investment strategy and goals.

Hey Scott, we have a local State Farm agent many of our clients use, great people and prices. 

You can utilize internet comparison tools, speak with nearby insurance agents, or ask around for referrals from other local investors.

I have spoken to local banks, they want the business to co-sign the mortgage!

You should cut your teeth locally.

I am a local investor, airbnb cohost, and agent.

This can be amplified depend on local laws and cost to evict.

Would require a lot of money out of pocket and would hit me the hardest with taxes, but would give a high return and open up funds for me to invest locally here.