It's in a B-class neighborhood that's about 20 min outside of the city center (in more of a suburban neighborhood).All of the units are 1/1s though.

No you cannot, as source of income is a protected class in NJ 

You appear to have a Class A property that will be fairly easy to manage (even DIY!)

Then you can take the Broker class, upgrade to a Broker license, and break out on your own (or continue working under another Broker).Property management is an underestimated opportunity.

If you’ve never owned a rental before, I’d highly, highly, highly advise staring out much smaller than 13 million and 100 units, and frankly unless you have 13 million in cash no bank is going to lend someone with no experience 13 million dollars, I’d start with multi family in one of three places, a class Baltimore, canton, fells, Fed hill etc, Frederick or the eastern shore of Md all of those markets are somewhat affordable have good tenant mixes and a relatively safe, see how it goes, if you like it, than buy another 2-4 unit, than another maybe once you have 8-10 units if you still like it, still are making money than go for something bigger.

Less competition and honestly I stay in middle class to lower middle class properties.

From my POV.it really depends on asset class and tenant Class.. this is a huge distinction. my clients that I sold apartment complex to in Oregon with B class.. they pay 4% but then have to pay for on site manager as employee.. so 4% to manage the on site person so that person does not rip you off :).However for BP and I have to think the vast majority of the rental property investors on this site that have gone to  D C B out of state markets.. those props are not like a 600k rental in Denver and the tenant that comes with it.. or really any city with a A class tenant..

Totally agree with @Paul Moore and I think Self Storage and Mobile Homes don't get the same attention as Apartments because people, in general, don't really understand the asset classes, unlike apartments everyone gets the concept rather quickly. 

I'm new to RE investing and have signed up for the bootcamp as well as classes at my local JC to learn as much as I can.

The dilemma i face now is that I can’t decide if it makes more sense to embrace the c class identity this property gives the impression of, or put a lot more into the renovation, get better quality tenants and convert it to the B class property that the building (and the area) should/could be.