A shorter minimum stay and dynamic pricing are great for attracting bookings during slower periods, though the trade-off with single-night weekend stays is definitely a balancing act.

THis is difficult to answer as it all depends on experience.

That said, the fewer units a property has, the easier it is to manage, so smaller multifamily properties can offer a good balance between cash flow and simplicity.

Would you say getting loans for commercial units is more difficult?

I would need to know more specs on the house but with material shortages It's difficult to say how much to budget. 80K-120K for full gut perhaps but unsure with lumber beings so expensive and shortages.I would plan 9 months of vacancy between the pain you will endure pulling permits & having your contractors show up everyday to complete the work & then final inspections to get a CO. 

Ideally, I'd like to find a balance between affordability and potential for appreciation.Also, are there any common pitfalls or things to watch out for when buying a multi-family property in Jersey City?

Getting someone to leave the house in Florida while in foreclosure is difficult. 

Ideally, finding a lender who offers a balance of both is key. 

This can be very profitable purchase if you can fix whatever issue, but you are making it more difficult by setting a deadline.

We have a balance of 266K on the mortgage @ 3 percent interest.