A BRRRR (Buy, renovate, rent, refi, repeat) is NOT turnkey (already renovated and ready to rent) by common definition.  

In todays market.8% is more common for new jersey

You'll operate without issue in Phoenix.

Vacancy won't be an issue in this area and pretty confident it will be filled up as it's near to almost everything like train stations, grocery stores, hospitals etc. 

We do have the rural issue, but I have some great cleaners and various service pro's who drive the hour one way out to the lake house.It is pretty much wide open where we are at.

Your approach to purchasing and rehabbing a house with cash and then considering a cash-out refinance is a solid strategy, commonly referred to as the "BRRRR" method (Buy, Rehab, Rent, Refinance, Repeat).

So the biggest issue will be the services.If you offer significant services, according to the IRS, then you will change your taxable situation.

Pay attention to weather and natural disasters that are common in the area.

Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

Also, the "accountant" safe play is issue 1099's to everybody.