I would love to find someone to work with on this lifetime endeavor of building residual income through multi-family rentals.

The next information is extra and I don't know if I should add but, methamphetamine was cooked in this home and a person died on the property as well, so there is the possibility of drug residue inside the home.

Since the furniture and furnishings cost me $38,000, and I am in the fifth lease year, I have theoretically collected or will collect $54,000 on my $38,000 investment, plus residual value. 

My long term goal is to get enough cash to start flipping and using that cash to buy and hold for the long term residual.

If purchasing to rehab and resale your numbers need to work to not only put repairs needed into the home to sell, you must also look at the carrying costs until you sell and the cost to sell so you will need to find a home with more equity then if you are looking at a buy and hold property that you can afford to sit on for years to come and build residual income along with equity.

IE, if your goal is residual income, actively house flipping isn't a good fit. 

They might have made big money for a period of time, most often not passive or residual like real estate, however, they don't know how to keep it and fade into oblivion. 

Then no more residual income. 

I worked up a pretty nice residual cash flow in the late 70s and early 80s.. 

You can definitely get an investment property to secure residual income in NJ for $150K.