You should only do this if you can comfortably pay 100% of the mortgage and expenses in case a roommate doesn't pan out. It's much better to treat a renter in your own home as a bonus rather than a necessity in case your situation changes. This also gives you more flexibility when picking a roommate. You should also ensure no complications due to local laws ...
It certainly seems plausible to me - without spending too much time on the math, there's a few other details that may make it more believable:
The wife also brings in "six figures" that they "almost entirely save" - so there's another $100,000+ of income that you don't include.
The article doesn't say how much is owed on the properties. ...
Always make sure that you are there for a walk through. That is their opportunity to point out problems, and if they are an easy fix then they generally will give you 5 minutes to make the fix.
New jersey law
There are steps you can take to prevent a landlord from charging you
for ordinary wear and tear, cleaning, or painting. Before you move
out, ask the ...
New Jersey law seems pretty clear that landlords can only charge for things in excess of "ordinary wear and tear".
The landlord can only charge you for property damage that is more than
ordinary wear and tear. Ordinary wear and tear means damage that takes
place from the normal, careful use of the property. Examples of normal
wear and tear are ...