I completed an internship in commercial real estate, and I also attended a couple of local REIA meetings/networking events before moving to Northern VA.I was able to narrow down potential strategies, and I figured both BRRR as well as wholesaling don't seem to be the best strategies for me.

Do certain properties need upgrades in order to maximize rent potential?

Lend's the highest potential for such folly. 

They will tell you the potential.  

My goals are small multifamily to financial freedom with potential to scale to large multifamily for great success.

So, it would then potentially cost you a penalty for early withdrawl and also income tax owed on it.

It's probably unlikely anything too bad would happen excluding natural catastrophes but why take the risk if the profit potential isn't there?

The deals are really so sparse that you can sit and wait and wait and wait for the right deal in a specific neighborhood or you can look at all potential deals across the Metroplex and beyond.  

Quote from @Timothy Newsome: Hello, looking to potentially use a hard money lender in NJ.

I understand Vermont has slightly more stringent regulations to contend with but it would also be closer for us geographically and thus potentially easier to manage.