New Jersey is high.  

In my case, I have residential rentals in one LLC, commercial properties in another, self-storage in a third, and my real estate company operates in a fourth.

Remember, the notion of amassing wealth without investing is a dangerous myth perpetuated by self-proclaimed experts.

@Asher M.Possible, yes but like your lender pointed out it's going to be difficult to pass the self-sufficiency test (SST) for a legal 3-4 unit property.

learn about as many strategies as you can then open up a prop stream acct and go to town looking for motivated sellers in Middletown.  

For what it's worth, this condo is technically owned by the the trust established by my Self Directed IRA.Thanks!

Don’t send them to find motivated sellers.  

For now I do self manage though.

Next question.... will you self-manage it, or turn it over to a professional management company, or some type of hybrid? 

Multiple people including myself have tried to caution him of the the true costs but he's been repeatedly dismissive and has made it clear we give him motivation and he wants to prove us all wrong (whatever that means).