Our strategy is to have the CA C-Corp parent a WY anonymous LLC which would then parent all of the other state LLC's that we use for Flips and Buy/Hold RE. 

Dividing an acre will allow you to establish your own family boundaries and be close to parents as well. 

Gets the parents to guarantee the lease.Not a ton of pros beyond the potential for higher income.

This was my parent's property so they offered it to me on a land contract with a no-interest buying option.

Not sure if school will be open and at what capacity, how will parents behave?

I had a few friends looking to move out of their parents place.

We were unaware that they had a newborn and all veteran Parent’s (and a proud Nana myself) understand the cost of diapers, formula needed for babies.

To add on to the good comments from @Nicholas AiolaAs he stated, in order to take a distribution under the CARES Act you must have been impacted by the virus in one of the enumerated ways.If so, you can take a penalty-free distribution (as well as waive the 20% withholding requirement) from your 401k (assuming that the employer allows it) anytime between 1/1/2020 and 12/31/2020.

I am looking to move closer to my parents in NJ relatively soon and still want to continue to make smart real estate investment moves.

You can and should of course verify the info offered via nj.com, niche.com, greatschools.com and many others.In addition almost every town has its own parents FB page - those are also pretty good resources to tap into.