If you 2 pool your money together you should be able to easily buy a nice quad.

Depending on where you are buying in NJ and the value of the property, you may be able to get bank based in New York interested in the deal, which will widen your pool of potential lenders. 

We have one that we are putting back on the market tomorrow with owner financing that would be perfect for an owner occupied "house hack" where they could get a type 1 short term rental permit.  3 units, 4/2 on top, 2 one bedrooms on the bottom with pool.  

The other 3 charge around $700 a week for a nice room with 2 beds and access to a pool, weight room, and free breakfast.So I charge $400 for 2 bedroom places that are as nice as the $700 a week motel, but people can cook, do their laundry, have their wife visit, shoot a bow & arrow in the back yard, process a deer in the garage, work on their vehicle, etc. 

The idea of pooling money with like minded people is very appealing to me.

You have a somewhat captive tenant pool, and the 'rents usually have to co-sign.

@Curt Davis , I value a pool.

From an investor's perspective it is a lot better to invest in a project rather than in a fund (AKA blind pool).

@Jerry ThompsonHere are some of the key items to understand when investing IRA funds in real estate.Determine whether you will invest the IRA(s) directly in real estate, or if you will pool your IRA funds in an LLC which would then own the real estate. 

Had a maple tree fall on a pool enclosure, but only caused a 6 inch rip in the screen.