As long as you never make decisions based against fair housing laws , That is the main thing!!!

Check with a NJ lawyer about possible wrinkles due to the state law.The main advantage is simplicity: one set of bank accounts and books, with each transaction assigned to a specific property under management.

We would plan to take our current main location which is the largest and downsize in the same business park. 

Jersey is a tenant friendly state and you can cost yourself thousands without making the right choice in a tenant 

Main Water shut off not located on  the meter.

My main suggestion would be to partner up. 

Thank you this is a 1 bed apartment in a high-rise, so we don't need major fixes that are shared in the building such as HVAC, roof, moving electric/plumbing, etc.. just the items listed above.I have no relationship with vendors though I see many advertised online with reviews which I'd base my choices on. 

I could tease this out more, but the main reasons are 1) a down economy, 2) an emerging economy, 3) AAA property locations, 4) lack of credit available, and 5) historical buildings (very sturdy construction, 3-4.5m ceilings, etc) that are very undervalued at the moment for mostly aesthetic reasons that can be fixed quite easily.

After that we have mainly leveraged ourselves.

I think you made the best choice by not moving forward but you really didn't gain much knowledge and spent a good bit of money.