We put about $2500 and some sweat equity into the property before renting it out (some flooring, new dishwasher, new water heater, painting, etc).income: $1295expenses: $108 vacancy (guess), $283 HOA fee, $161 property tax, $14 insurance, $130 repairs / updates (guess), $480 mortgagecashflow = $119And that doesn't take management into account, which so far we'll try to do ourselves (from NH -- I know that's iffy, but we did find a high quality tenant so we're hoping that not too much will happen).

If you can manage to pull of the 15 year mortgage, I can tell you from my experience that it is fantastic to see that principle chop away every month.

How are you going to handle managing the property from New York? 

You need to give up day to day control and put it in the hands of a good, competent property manager that you can trust.

@Jon Crocilla I'm about to be moving to Chicago within the next month or so currently focused on the move and getting management in place for my properties here in Ohio before I leave but once I'm settled I'll be jumping right back into the market. 

I can have my assistant manage it for us and we can all meet up on a choosen night once a month.

Any tips, suggestions and referrals to REIs who have a good understanding of MFD market in Union County , NJ, as well as property managers, would be appreciated.

But if you really manage it well yourself and get reasonable guys you can get it there.

He is asking for 2% annual management fee and 25% of the profits over 8% annualized return.

Over the next few weeks, I want to start interviewing two key members of my team, a property manager and lending partners.