I think Elisa made a very good point. There are a lot of responsibilities that come with being a landlord and it is NOT for everyone. A lot of landlords get themselves in a financial bind when they are counting on the rent coming and then it doesn't for a couple of months. NJ is a tenant state , the judges will bend over backwards to give a tennat many moths to try to catch up the rent. You could easily have someone living rent free for 6-8 months before a judge will evict someone. You really need to have some funds in reserve when renting out in NJ.
I know a great agent in Camden, that can help you with either option . Let me know if you would like her contact informationand/or a copy of the NJ Truth about renting booklet. Best of luck to you either way.... more