Additionally house tenants bring more of their own appliance, like refrigerator, washer and dryer; which means tenants are responsible for repair and replacement of their own appliances. 

Though DSCR gives you a better picture of how the property is projected to perform vs debt service, you can't rely solely on one measure to make a purchase decision. 

Used houses in the area sell anywhere from $75-125 a square foot.These are long term rentals that I do not plan to sell.I am reading the Rental Property Investing book and implementing the method that focuses on cash flow and that strategy states you need to have $300 cash flow per month, per property.

In part because the sink is under the window which to me seems like a natural spot for it. 

You would need to let them know you are 2nd lender and want to pay the loan off.

What are the pros and cons of each, and which offers the least restrictions, flexibility and cost savings for my intended purposes?

If this is not something you're interested in delving into and learning to a high degree, then investing in publicly traded REITs would be another good option for you, which have historically returned about 13.5 per cent Per year over the past 50 years (1977-present), beating the US stock market by two per cent and even beating private real estate investing by 4 per cent (that's compared with the average real estate investor, not the experts here at Bigger Pockets).

All this turkey does is charge you for some "training," so you will be "prepared" when you go out looking for lots for him, but curiously, he buys none or very few of the lots he's sent.  

If you are only looking to create a trust to avoid probate, you could probably hire an attorney to make a revocable trust.

Which areas of NJ are you referring to?