But I would remain open to long-term rental as an option as this seems like a more stable option in terms of income, again this may be my inexperience talking.However, I have always  been somewhat risk averse and investing in real estate is always a big venture, in my opinion/experience, in terms of capital.

Quote from @Blake Winiecki: Figure out how much you want/need to earn, then reverse engineer it to see what options are available. 

Remember your situation is unique so it's important to consult with a tax advisor or CPA to explore all available options and ensure compliance with tax regulations.Thanks!

I know that the regulations in Beverly Hills is "friendlier" to landlords than Los Angeles and I'm exploring the option to convert a multifamily apartment into condos. 

I updated the bathroom/porch in the spring, and am finishing construction on a 2-stall garage (the previous garage was basically a large shed that I could not fit much in).Moving forward I am considering one of the following options to put my money and build equity:1.

With your focus in using house hacking, Conventional or FHA loans would be your best options.

Today I had a heater issue and snow company that was late handling commercial before residential so we ended up clearing it.Open to each option.

My vote is option one.  

For funding, explore options like FHA loans, personal savings, or creative financing, and focus on New Jersey markets that align with your goals, such as Newark for rentals or commuter towns for house hacking.

You can customize including organic food and they have options for both make it yourself (like HelloFresh) with recipes and also made for you.