I currently have a property rent to own that is doing okay. The person living there pays me a small amount each month. They are responsible for all up keep and expenses. It is located in the state of Ohio in the city. Low income area but the purchase was cheap. There is a tiny profit in it. I had another one that was a house of horrors that was worse than a Dr. Jekyll & Mr. Hyde script.
If things change for me I will buy a true rental to keep, but learned a lot from the house of horror !
NJ is to rich for my blood and the tenant laws, make if very difficult to get rid of a problem child. I would not consider a rental in this state unless I find a Duplex and move into it.
I wish you luck and if you play cards smart, you will do okay.