Inventory is up, and there are deals out there. 

Mortgage rates declined to their lowest levels in over a year, a sample of more than a dozen industry professionals said they were quoting most borrowers in the high 5% to low 6% range on government loans and in the mid-6% range for conventional mortgages.

You aren't ready based on what you said.NJ is one of the toughest flip market in the country now (Northern) because the prices to buy the dumps is high because inventory is low so the spread is too little for new flippers.

Cash to close is around 47-48k with a 5% conventional to house hack.

I have ALSO heard its not about timing the market rather time IN the market, so this is where a SFH could potentially be "easier" to find.Im constantly in a headspace where I tell myself I have to get really creative to finance a MFH or come in with a 5% conventional loan and fixing a MFH to force appreciation although cash flow may not be there the first year or two.

Some conventional programs go up to 50% DTI as well. 

With your primary residence, however, that will matter with most programs (there are a handful of programs that might work to bleed equity out of a primary residence, but they are more pricey than conventional financing).  

There is a chance that it will appraise high enough to where I can refi to a conventional without any pmi.

conventional loan How did you add value to the deal?

@Miciah FurbayBuy a primary residence in a good area using a 5% down payment convention loan, don't max out your DTI, in 12 months buy another primary residence with another 5% down payment conventional loan and start renting out the first one.