NJ investments, townhome / condos or MFH?

[Account Closed]

Hello BP universe I just closed and moved into my new condo last week, I see why everyone loves this whole home owner thing :@} however I am already thinking of my next investment. I have read plenty of articles pointing me to duplex / triplex / quadplex and using the house hacking method to start my REI career, which is most likely route I want to take but here is my predicament: I was born and raised in NJ and I know, including myself this state is full of commuters, so logically I want to invest near the major hubs, train stations, GSP, turnpike, RT-18, etc... I am not sure how long my seasoning period is on my conventional loan is until I can start getting pre - approved for a second loan... My price range, I am estimating,would be max around 300 to 350K to invest in my second property. I have searched rents for 2 bedroom and 3 bedroom condos / townhomes located near all these major commuting outlets and I am seeing rents anywhere from 2000 - 3000 a month respectively and using the BP rental income calculator I am getting very generous monthly cash flow and cash on cash ROI along with a cap rates ranging from 6 - 8% even with little down payment and with HOA fees too; I know HOA fees are a deal breaker for some but I look at is as this, even in a MFH I will still have maintenance costs to maintain the property for upkeep. I know having a condo / townhome located near any of these highways and train stations would be rented out fast. I have read also that using an FHA loan for a MFH I will need to occupy the MFH or townhome / condo for a minimum of year. I need to by the GSP for MY commute everyday to north jersey along with the numerous other commuters in this area. With my estimated price range I am finding to be difficult to find the right MFH for my commute and price range .I wanted to ask to see if getting a nice 2 or 3 bedroom condo / townhome located near the major highways systems here along with train stations would be a nice way to strengthen my portfolio, give me some landlord experience, and pad my monthly income and then leading me to the next purchase of perhaps a MFH as my third purchase?

Regards,

Stephen