Best part is NJ is not what its made out to be in terms of landlord friendly, the state gets portrayed as the entire state being bad when really most wacky laws are in the major cities and they apply to 5 units or more.  2-4 unit multi families fly below radar per say. 

Without having much info, I would need to know the financial situation of the 'close family' to determine a best approach.

See family, and do some skiing!

I have been thinking small office or retail (which I have experience in); larger multi family (10-20 unit), RV Storage, and have even thought about beach front hotel, or at least ocean view hotel.

Our family had a summer home that had an open metal roof over part of the patio, and when it rained everyone was uncomfortable with the noise level.

Imagine if you had one single-family home.

It’s a Single family home purchased for $250K with land value at $12K.

I recommend that Detroit market for single family turnkey rental properties.

The result is that many of the multi-family properties that targeted Section 8 were vacant and went into foreclosure.

The indoor malls that simply offered shopping and a food court are the ones dying off.I've seen some malls be demolished and replaced with high-density single family developments.