I know that market very well but it would be easier to help you if you have more precise questions and also if we know what your objectives are.

None of this speaks well for owning property in an IRA.While trying to find related examples, I found another argument I would have certainly lost regarding accounting for a checkbook controlled IRA LLC: “Providing un-tracked accounting services for your own IRA LLC can result in a both an excess contribution and a prohibited transaction.”http://www.prweb.com/releases/2011/02/prweb4300264.htmAccording to the article, “Although there are some exemptions for services provided to a retirement investment plan, they do not extend to services provided to entities owned by the plan.”I guess you guys are right.

The main pro for building would be the ability to control where I live while living in the house, whereas most multifamily homes are within city limits and not my preferred choice of dwelling. 

Actually I wouldn't do Newark either due to their nutty rent control laws.Clifton is good as you can find cheaper, more working class as well and still in Passaic county.

Month to month leases are a great way to maintain control over tenants who are possible problems. 30 days notice is all it takes to get rid of them.

A HELOC is probably the most reasonable option other than selling to make some equity available since you would have control over how much and when its used and only pay interest on how much you actually use and when.

Talked to the CHA and they said there are no section 8 listings available and that only tenants can control the property being section 8. 

If you find a deal with solid cash flow, partnering up might give you more flexibility while still allowing you to control and operate the property.Out-of-State Opportunities: If the local market makes it tough to find larger value-add properties, you could consider diversifying into other markets with lower barriers to entry.

That's the precise method to use.  

The builder will have more control after the project starts.