After that I will focus on expanding my reach and find a small apartment complex 8-24 units, although I know this will be capital intensive I plan to keep my savings rate around 60 or 70% of net income to make this happen. 

Thanks @Kevin Hill that's what I thought but didn't know if there were any NJ specific complexities.

One of the hard things to work around condos is the fact that you to some extend are at the mercy of the association in charge of that complex. 

I have been looking for a large multi family or small apartment complex, and I found one I really like in Grays Harbor County, WA.

For investors and entrepreneurs who are willing to navigate through the complexities of this emerging market, the returns can be tremendous.

A Partnership on an apartment complex of 30 or more units would greatly enhance your endeavor to make it and also afford to hire a Property Management Company that would do the daily operations. 

Also, Pinewood Studios (located in Fayetteville) is the largest studio complex in U.S. outside of Hollywood.

In the future you might look at apartment complexes as a good way to go. 

This is a complex issue and the structures get very complicated when I discussed with a specialist.

The law is complex and depending on your income level may provide you with absolutely no benefit.